Sacre-Coeur Grants Severstal Two Week Extension
SACRE-COEUR MINERALS, LTD. ('Sacre-Coeur?) today announced that
it has granted a two week extension for completion of due diligence
regarding the proposed acquisition of Sacre-Coeur by NORD GOLD N.V.,
formerly named SEVERSTAL GOLD N.V. (the 'Purchaser?) and SEVERSTAL
GOLD LLC ('Severstal Gold?), affiliates of OAO Severstal (LSE: SVST;
RT: CHMF), in accordance with the binding agreement (the 'Agreement?)
among the parties dated September 21, 2010, as referred to in their
joint press release of September 22, 2010 (the 'Transaction?). Due
diligence is still proceeding, together with the preparation of the
required documentation and other steps preparatory to closing the
Transaction, which is subject to the successful completion of due
diligence, court approval, securityholder approval and satisfaction of
customary closing conditions.
Pursuant to a second amendment to the Agreement dated January 28, 2011,
Sacre-Coeur has agreed to grant the Purchaser and Severstal Gold a
further two weeks to complete their due diligence review of Sacre-Coeur,
now to be complete by February 14, 2011 and the parties have now agreed
to use their best efforts to complete the Transaction by April 15, 2011,
which date may be extended to no later than June 30, 2011if the
parties are prevented from closing the Transaction by reason of any
court proceeding or in certain other circumstances. A further update
will be provided at such time as new dates for the special meeting of
the securityholders of Sacre-Coeur and closing have been set.
About Sacre-Coeur
Sacre-Coeur is engaged in the acquisition, exploration and development
of properties for the potential mining of gold, metals and diamonds in
South America, initially focusing on exploration for gold on its
properties in Guyana. Sacre-Coeur presently has an interest in
approximately 1000 sq. km of mineral properties in Guyana, including the
Million Mountain Property. Sacre-Coeur has offices in Vancouver, Canada
and Georgetown, Guyana. More information about Sacre-Coeur is available
at <www.scminerals.com>.
Forward Looking Statements
Certain statements herein constitute forward-looking statements or
forward-looking information within the meaning of applicable securities
legislation, including the statements or information about the
Transaction.Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of Sacre-Coeur to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements or information.
With respect to forward-looking statements and information contained
herein, we have made numerous assumptions including among other things,
assumptions of our ability to close the Transaction. Although our
management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there can
be no assurance that a forward-looking statement or information herein
will prove to be accurate.Forward-looking statements and
information by their nature are based on assumptions and involve known
and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements or
information.Such risks and uncertainties include risks and
uncertainties involved in satisfying the conditions to close the
Transaction.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on
forward-looking statements or information.All forward-looking
statements and information made herein, are qualified by this cautionary
statement.
ON BEHALF OF THE BOARD OF DIRECTORS OF SACRE-COEUR MINERALS, LTD.
'Gregory B.Sparks?
Gregory
B. Sparks
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Sacre-Coeur Minerals, Ltd.
Gregory B. Sparks, 604-899-0100
Fax:
604-899-0200
President & CEO
greg@scminerals.com
or
Irwin
Olian, 604-899-0100
Fax: 604-899-0200
Chairman
tigertail@scminerals.com
or
Scott
Young, 604-899-0100
Cellular: 705-888-2756
Fax: 604-899-0200
Corporate
Communications
scott@scminerals.com