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Pin to quick picksHochschild Regulatory News (HOC)

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Completion of private placement in LSG

7 Dec 2009 18:36

RNS Number : 7349D
Hochschild Mining PLC
07 December 2009
 



Completion of private placement in Lake Shore Gold 

Further to its announcement on 19 November 2009, Hochschild Mining plc ("Hochschild") is pleased to announce that it has completed the transaction to increase its investment in Lake Shore Gold from 32% to approximately 36% (on a fully diluted basis) by way of a private placement. The Company has acquired 19.2 million common shares using existing cash for a total consideration of C$85 million or an average price of C$4.43 per share. 

The transaction demonstrates Hochschild's ability to deliver on its strategy following the US$260 million capital raising undertaken in October 2009, which strengthened the Company's balance sheet and provided the funds for further acquisition opportunities. 

Since 2008, Hochschild has invested a total of C$343 million in its 36% stake in Lake Shore Gold at an average price of C$2.68 per share. Hochschild's investment to date reflects its confidence in the significant production potential and long-term growth of Lake Shore Gold, which has a current market capitalisation of approximately C$1.2 billion. 

On 6 November 2009, Lake Shore Gold completed its business combination with WTM creating the new large-scale, wholly-owned Timmins West Gold Mine Complex. Lake Shore Gold has announced a production target of 100,000 ounces of gold in 2010, building production over the following three years to upwards of 350,000 ounces annually over the next several years and accelerating its development as Canada's next mid-tier gold producer. 

The proceeds from the private placement will be used by Lake Shore Gold to advance its key projects which include bringing the Timmins Mine to commercial production over the next 12 months and completing the expansion of the Bell Creek Mill to 3,000 tonnes per day as well as to increase its exploration spend. 

Enquiries:

Hochschild Mining plc

Isabel Lütgendorf +44 (0)20 7907 2934

Head of Investor Relations

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 / HOC LN) 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 four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas

About Lake Shore Gold 

Lake Shore Gold is a rapidly growing mining company with large land positions on the west and east-sides of the Timmins gold mining camp. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp, and is commencing advanced exploration at the adjacent Thunder Creek property. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which is moving forward to become the Company's second mining operation in the Timmins Camp. The Company continues to invest aggressively in exploration primarily in Timmins and in select other areas of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG. Ignacio Rosado, Chief Financial Officer and Ignacio Bustamante, Chief Operating Officer of Hochschild Mining plc are board members of Lake Shore Gold. 

Forward looking statements: 

The statement in this press release relating to the advancement and development of Lake Shore Gold's Timmins West project is a forward looking statement within the meaning of securities legislation. The statement is based on the public disclosure of Lake Shore Gold, dated 19 November 2009, which is available on SEDAR at www.sedar.com under Lake Shore Gold, and is subject to the statements by Lake Shore Gold about such forward looking statements and the assumptions and risks associated with it.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUUGCWPUPBGRM
Date   Source Headline
20th Jan 20107:00 amRNSQ4 Production Results
18th Dec 20097:00 amRNSHochschild increases stake in GRC
7th Dec 20096:36 pmRNSCompletion of private placement in LSG
25th Nov 20095:11 pmRNSDirector Declaration
19th Nov 20092:17 pmRNSIncreases Stake in LSG
16th Nov 20094:05 pmRNSHolding(s) in Company
6th Nov 20096:31 pmRNSPurchase additional WTM stake
2nd Nov 200911:16 amRNSTotal Voting Rights
28th Oct 20096:30 pmRNSHochschild purchases WTM stake
27th Oct 20093:41 pmRNSResult of EGM
20th Oct 20092:31 pmRNSAdjustment to Q3 2009 sales figures
16th Oct 20091:27 pmRNSPublication of Prospectus
14th Oct 20096:27 pmRNSHolding(s) in Company
14th Oct 20096:15 pmRNSDirector/PDMR Shareholding
12th Oct 20091:00 pmRNSDoc re. EGM
8th Oct 20095:10 pmRNSHolding(s) in Company
8th Oct 20095:08 pmRNSHolding(s) in Company
8th Oct 20097:00 amRNSResult of Equity Placing
8th Oct 20097:00 amRNSResult of Bond Offering
7th Oct 20092:43 pmRNSEQUITY PLACING AND BOND OFFER
7th Oct 20092:43 pmRNSInterim Management Statement
8th Sep 20093:10 pmRNSFurther re Interim Dividend
27th Aug 20095:35 pmRNSLake Shore Gold business combination
19th Aug 20097:00 amRNSInterim Results
16th Jul 20091:12 pmRNSHolding(s) in Company
15th Jul 20094:03 pmRNSSale of up to 15m shares
15th Jul 20097:00 amRNSQ2 Production Results
10th Jul 20093:16 pmRNSBoard Appointment
8th Jul 20095:06 pmRNSHolding(s) in Company
1st Jul 20097:00 amRNSIncreases stake in Gold Resource Corporation
26th Jun 20097:00 amRNSIncreasing operational efficiency
24th Jun 20095:50 pmRNSEncouraging drill results at Lake Shore
12th Jun 200912:32 pmRNSHolding(s) in Company
8th Jun 20097:00 amRNSCost savings update
5th Jun 20095:10 pmRNSHolding(s) in Company
28th May 20097:00 amRNSAcquisition
26th May 20092:48 pmRNSResult of AGM
26th May 200910:00 amRNSAGM Statement
13th May 20095:14 pmRNSAnnual Information Update
13th May 20097:00 amRNSShareholder approval for acquisition
6th May 200910:53 amRNSFurther re Final Dividend
29th Apr 20097:00 amRNSProduction Report and IMS
24th Apr 200911:27 amRNSNotification of Major Interests in Shares
21st Apr 20092:00 pmRNSAnnual Financial Report
20th Apr 200910:43 amRNSHolding(s) in Company
9th Apr 200912:59 pmRNSHolding(s) in Company
8th Apr 20092:12 pmRNSHolding(s) in Company
27th Mar 20097:00 amRNSEnd of industrial action
25th Mar 20097:00 amRNSFinal Results
23rd Mar 20097:00 amRNSStatement re Industrial Action

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