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8 Feb 2011 18:05
8 February 2011
Shareholder approval for the disposal of remaining 6% stake in Lake Shore Gold
Hochschild Mining plc ("Hochschild" or the "Company") announces the following results of the poll taken at the Extraordinary General Meeting held earlier today in connection with the disposal of the Company's residual shareholding in Lake Shore Gold Corporation ("the Disposal"):
FOR | AGAINST | |||||
Description of Ordinary Resolution | Number of Votes | % of Votes Cast* | Number of Votes | % of Votes Cast* | Total Number of Votes Cast | Votes Withheld |
Approval of the Disposal | 314,969,508 | 99.99 | 2,450 | 0.01 | 314,971,958 | 273,268 |
*excluding Votes Withheld
Accordingly, the Company confirms that RBC Dominion Securities Inc. has today purchased the remaining 21,540,992 common shares of Lake Shore Gold held by Hochschild under the terms of the agreement announced on 3 December 2010.
The net price of C$3.70 per common share represents a 37% gain on the average purchase price of C$2.70 per share. Total net proceeds of C$79,701,670 will primarily be used to support the Company's organic growth strategy through investment in its extensive and rapidly expanding exploration pipeline, including funding advanced projects Inmaculada, Azuca and Crespo to production. As announced on 2 February 2011, the Company has also repaid its entire existing syndicated loan facility of US$114.3m.
In accordance with LR 9.6.2R, the full text of the above resolution has been submitted to the National Storage Mechanism and will be available for inspection at www.Hemscott.com/nsm.do
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Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 7907 2934
Head of Investor Relations
Finsbury
Faeth Birch +44 (0)20 7251 3801
Public Relations
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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.
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