Tyler Res: IRR 53% / 4 Mrd. NPV - für 70 Mio. MK - 500 Beiträge pro Seite
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Fragen erübrigen sich hier.
TYLER RECEIVES SCOPING STUDY CONFIRMING POTENTIAL FOR
LARGE SCALE OPEN-PIT DEVELOPMENT AND LOW COST COPPER PRODUCTION
AT BAHUERACHI PROJECT, MEXICO.
Tyler Resources Inc. (“Tyler”) is extremely pleased to report positive results from its initial Scoping Study or Preliminary Economic Assessment (“PEA”) on the Main Zone bulk tonnage porphyry copper-zinc-molybdenum (silver-gold) deposit of its 100% owned Bahuerachi project, Chihuahua State, Mexico.
The executive summary which has now been received by Tyler from Independent Mining Consultants (“IMC”) of Tucson, Arizona, outlines robust potential for the Bahuerachi Main Zone deposit to become a significant large scale, open-pit type operation and one of Mexico’s largest producers of copper, zinc and molybdenum with associated gold and silver.
At conservative Base-Case long term metal price assumptions of US $1.50/lb copper, $0.80/lb zinc, $15.00/lb molybdenum, $500.00/Oz gold and $10.00/Oz silver, the project has been estimated to be able to produce on a life-of-mine (“LOM”) basis a yearly average of 183.76 million pounds of copper, 311.26 million pounds of zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of silver and 14,180 ounces of gold for 12 years on the assumption of a 60,000 tonne per day milling operation. Total capital costs on a LOM basis have been estimated at US$619.25 million, with a Base-Case capital payback period occurring during production year 4. Using August 2007 three year backward average metal prices of US$2.43/Lb copper, $1.10/lb zinc, $30.85 molybdenum, $10.00/Oz silver and $544/Oz gold, capital payback period would occur during production year 2.
At Base Case metal price assumptions, the life of project operating costs are estimated to be $1.23/pound of copper contained in concentrate. Applying credits adjusted for metal recoveries for other metals produced, the operating costs reduce to $0.28/pound of copper in concentrate on a LOM basis.
The following tables summarize the estimated Net Present Value (NPV) and pre-tax and post-tax Internal Rate of Return (IRR) at various prices to outline the project’s sensitivity to variations in metal prices.
Economic Evaluation Results Table from Preliminary Economic Assessment Study
Metal Prices US$
Fragen erübrigen sich hier.
TYLER RECEIVES SCOPING STUDY CONFIRMING POTENTIAL FOR
LARGE SCALE OPEN-PIT DEVELOPMENT AND LOW COST COPPER PRODUCTION
AT BAHUERACHI PROJECT, MEXICO.
Tyler Resources Inc. (“Tyler”) is extremely pleased to report positive results from its initial Scoping Study or Preliminary Economic Assessment (“PEA”) on the Main Zone bulk tonnage porphyry copper-zinc-molybdenum (silver-gold) deposit of its 100% owned Bahuerachi project, Chihuahua State, Mexico.
The executive summary which has now been received by Tyler from Independent Mining Consultants (“IMC”) of Tucson, Arizona, outlines robust potential for the Bahuerachi Main Zone deposit to become a significant large scale, open-pit type operation and one of Mexico’s largest producers of copper, zinc and molybdenum with associated gold and silver.
At conservative Base-Case long term metal price assumptions of US $1.50/lb copper, $0.80/lb zinc, $15.00/lb molybdenum, $500.00/Oz gold and $10.00/Oz silver, the project has been estimated to be able to produce on a life-of-mine (“LOM”) basis a yearly average of 183.76 million pounds of copper, 311.26 million pounds of zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of silver and 14,180 ounces of gold for 12 years on the assumption of a 60,000 tonne per day milling operation. Total capital costs on a LOM basis have been estimated at US$619.25 million, with a Base-Case capital payback period occurring during production year 4. Using August 2007 three year backward average metal prices of US$2.43/Lb copper, $1.10/lb zinc, $30.85 molybdenum, $10.00/Oz silver and $544/Oz gold, capital payback period would occur during production year 2.
At Base Case metal price assumptions, the life of project operating costs are estimated to be $1.23/pound of copper contained in concentrate. Applying credits adjusted for metal recoveries for other metals produced, the operating costs reduce to $0.28/pound of copper in concentrate on a LOM basis.
The following tables summarize the estimated Net Present Value (NPV) and pre-tax and post-tax Internal Rate of Return (IRR) at various prices to outline the project’s sensitivity to variations in metal prices.
Economic Evaluation Results Table from Preliminary Economic Assessment Study
Metal Prices US$
Tyler's Bahuerachi can produce 183.76 million lb Cu
2007-09-28 08:48 ET - News Release
Mr. Jean Pierre Jutras reports
TYLER RECEIVES SCOPING STUDY CONFIRMING POTENTIAL FOR LARGE SCALE OPEN-PIT DEVELOPMENT AND LOW COST COPPER PRODUCTION AT BAHUERACHI PROJECT, MEXICO
Tyler Resources Inc. has provided positive results from its initial scoping study or preliminary economic assessment (PEA) on the Main zone bulk tonnage porphyry copper-zinc-molybdenum (silver-gold) deposit of its 100-per-cent-owned Bahuerachi project, Chihuahua state, Mexico.
The executive summary which has now been received by Tyler from Independent Mining Consultants (IMC) of Tucson, Ariz., outlines robust potential for the Bahuerachi Main zone deposit to become a significant large-scale, open-pit-type operation and one of Mexico's largest producers of copper, zinc and molybdenum with associated gold and silver.
At conservative base case long-term metal price assumptions of $1.50 (U.S.) per pound copper, 80 cents per pound zinc, $15.00 per pound molybdenum, $500.00 per ounce gold and $10.00 per ounce silver, the project has been estimated to be able to produce on a life-of-mine (LOM) basis a yearly average of 183.76 million pounds of copper, 311.26 million pounds of zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of silver and 14,180 ounces of gold for 12 years on the assumption of a 60,000-tonne-per-day milling operation. Total capital costs on a LOM basis have been estimated at $619.25-million (U.S.), with a base case capital payback period occurring during production year four. Using August, 2007, three-year backward average metal prices of $2.43 (U.S.) per pound copper, $1.10 per pound zinc, $30.85 per pound molybdenum, $10.00 per ounce silver and $544 per ounce gold, capital payback period would occur during production year two.
At base case metal price assumptions, the life of project operating costs are estimated to be $1.23 per pound of copper contained in concentrate. Applying credits adjusted for metal recoveries for other metals produced, the operating costs reduce to 28 cents per pound of copper in concentrate on a LOM basis.
The attached tables summarize the estimated net present value (NPV) and pretax and posttax internal rate of return (IRR) at various prices to outline the project's sensitivity to variations in metal prices.
ECONOMIC EVALUATION RESULTS TABLE FROM PRELIMINARY ECONOMIC ASSESSMENT STUDY
Metal prices U.S.$ Pretax Year of
capital
payback
Cu Mo Zn Au Ag IRR NPV @ 0% NPV @ 8% (non-
(/lb) (/lb) (/lb) (/oz) (/oz) (U.S.$ x 1,000) (U.S.$ x 1,000) discounted)
1.50 15.00 0.80 500.00 10.00 19.2% $1,013,972 $343,800 Prod. Yr 4
1.60 16.50 0.83 504.00 10.00 23.7% $1,343,777 $513,567 Prod. Yr 3
1.75 18.75 0.88 510.00 10.00 30.1% $1,853,504 $776,189 Prod. Yr 3
2.00 22.50 0.96 520.00 10.00 39.2% $2,693,032 $1,208,575 Prod. Yr 2
2.43 30.85 1.10 544.00 10.00 53.0% $4,189,671 $1,979,673 Prod. Yr 2
Note: The last line in the table shows the impact of the August, 2007, three-
year backward average metal prices.
POSTTAX IRR AND NPV
Metal prices U.S.$ Post-28% tax
Cu Mo Zn Au Ag IRR NPV @ 0% NPV @ 8%
(/lb) (/lb) (/lb) (/oz) (/oz) (U.S.$ x 1,000) ($U.S. x 1,000)
1.50 15.00 0.80 500.00 10.00 16.1% $772,136 $215,591
1.60 16.50 0.83 504.00 10.00 20.0% $959,595 $339,532
1.75 18.75 0.88 510.00 10.00 25.5% $1,326,599 $530,821
2.00 22.50 0.96 520.00 10.00 33.4% $1,931,059 $843,559
2.43 30.85 1.10 544.00 10.00 45.3% $3,008,639 $1,400,745
A copy of the IMC PEA executive summary will be available on the Tyler website shortly outlining the details of the pricing and cost assumptions inputs, calculations, metal recovery assumptions and mining phases used in this first economic evaluation of the Bahuerachi deposit's potential. A full report of the PEA study as per the requirements of National Instrument Policy 43-101 is expected to be filed on SEDAR within 45 days.
The total tonnage and grade of the resource base included in the PEA at this time consisted of 238,317,000 tonnes of measured and indicated resources (91 per cent), and 12,254,000 tonnes of inferred resources (9 per cent) at an average grade of 0.425 per cent copper, 0.926 per cent zinc, 0.0081 per cent molybdenum, 0.04 gram per tonne (g/t) gold and 4.95 g/t silver.
The PEA study was based on the latest resource calculation as released by Tyler in May, 2007. The minimum required for the reclassification of mineral resources to the reserve category being the completion of a prefeasibility level study, the reader is cautioned that under National Instrument Policy 43-101, the mineral resources that are not mineral reserves are not considered to have demonstrated economic viability. The purpose of the PEA is to perform an economic analysis of the potential viability of a mineral resource taken at an early stage of the project, prior to the completion of a preliminary feasibility study.
The board of directors and management of Tyler are very encouraged with the results of this assessment, and all aspects of required work to move the project into the prefeasibility stage are now under way, including environmental, geotechnical and water testing work. The project's second metallurgical test program is now being designed to effectively test the different types of mineralization as outlined in preliminary pit designs produced as part of the PEA studies. The company remains committed to both continue to expand the resource at the Bahuerachi Main zone deposit through continuing exploration as well as fast-track the prefeasibility stage studies on the Main deposit.
The qualified person responsible the preparation of this news release was J.P. Jutras, PGeol, and president of the company. The independent qualified persons which were the authors of the preliminary economic assessment study were Herb Welhener, vice-president, Independent Mining Consultants Inc., and Joseph M. Keane, PEng, principal metallurgical engineer of K.D. Engineering Company. Both are qualified persons, as defined by National Instrument 43-101, and have reviewed and approved of the contents of this news release.
We seek Safe Harbor.
2007-09-28 08:48 ET - News Release
Mr. Jean Pierre Jutras reports
TYLER RECEIVES SCOPING STUDY CONFIRMING POTENTIAL FOR LARGE SCALE OPEN-PIT DEVELOPMENT AND LOW COST COPPER PRODUCTION AT BAHUERACHI PROJECT, MEXICO
Tyler Resources Inc. has provided positive results from its initial scoping study or preliminary economic assessment (PEA) on the Main zone bulk tonnage porphyry copper-zinc-molybdenum (silver-gold) deposit of its 100-per-cent-owned Bahuerachi project, Chihuahua state, Mexico.
The executive summary which has now been received by Tyler from Independent Mining Consultants (IMC) of Tucson, Ariz., outlines robust potential for the Bahuerachi Main zone deposit to become a significant large-scale, open-pit-type operation and one of Mexico's largest producers of copper, zinc and molybdenum with associated gold and silver.
At conservative base case long-term metal price assumptions of $1.50 (U.S.) per pound copper, 80 cents per pound zinc, $15.00 per pound molybdenum, $500.00 per ounce gold and $10.00 per ounce silver, the project has been estimated to be able to produce on a life-of-mine (LOM) basis a yearly average of 183.76 million pounds of copper, 311.26 million pounds of zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of silver and 14,180 ounces of gold for 12 years on the assumption of a 60,000-tonne-per-day milling operation. Total capital costs on a LOM basis have been estimated at $619.25-million (U.S.), with a base case capital payback period occurring during production year four. Using August, 2007, three-year backward average metal prices of $2.43 (U.S.) per pound copper, $1.10 per pound zinc, $30.85 per pound molybdenum, $10.00 per ounce silver and $544 per ounce gold, capital payback period would occur during production year two.
At base case metal price assumptions, the life of project operating costs are estimated to be $1.23 per pound of copper contained in concentrate. Applying credits adjusted for metal recoveries for other metals produced, the operating costs reduce to 28 cents per pound of copper in concentrate on a LOM basis.
The attached tables summarize the estimated net present value (NPV) and pretax and posttax internal rate of return (IRR) at various prices to outline the project's sensitivity to variations in metal prices.
ECONOMIC EVALUATION RESULTS TABLE FROM PRELIMINARY ECONOMIC ASSESSMENT STUDY
Metal prices U.S.$ Pretax Year of
capital
payback
Cu Mo Zn Au Ag IRR NPV @ 0% NPV @ 8% (non-
(/lb) (/lb) (/lb) (/oz) (/oz) (U.S.$ x 1,000) (U.S.$ x 1,000) discounted)
1.50 15.00 0.80 500.00 10.00 19.2% $1,013,972 $343,800 Prod. Yr 4
1.60 16.50 0.83 504.00 10.00 23.7% $1,343,777 $513,567 Prod. Yr 3
1.75 18.75 0.88 510.00 10.00 30.1% $1,853,504 $776,189 Prod. Yr 3
2.00 22.50 0.96 520.00 10.00 39.2% $2,693,032 $1,208,575 Prod. Yr 2
2.43 30.85 1.10 544.00 10.00 53.0% $4,189,671 $1,979,673 Prod. Yr 2
Note: The last line in the table shows the impact of the August, 2007, three-
year backward average metal prices.
POSTTAX IRR AND NPV
Metal prices U.S.$ Post-28% tax
Cu Mo Zn Au Ag IRR NPV @ 0% NPV @ 8%
(/lb) (/lb) (/lb) (/oz) (/oz) (U.S.$ x 1,000) ($U.S. x 1,000)
1.50 15.00 0.80 500.00 10.00 16.1% $772,136 $215,591
1.60 16.50 0.83 504.00 10.00 20.0% $959,595 $339,532
1.75 18.75 0.88 510.00 10.00 25.5% $1,326,599 $530,821
2.00 22.50 0.96 520.00 10.00 33.4% $1,931,059 $843,559
2.43 30.85 1.10 544.00 10.00 45.3% $3,008,639 $1,400,745
A copy of the IMC PEA executive summary will be available on the Tyler website shortly outlining the details of the pricing and cost assumptions inputs, calculations, metal recovery assumptions and mining phases used in this first economic evaluation of the Bahuerachi deposit's potential. A full report of the PEA study as per the requirements of National Instrument Policy 43-101 is expected to be filed on SEDAR within 45 days.
The total tonnage and grade of the resource base included in the PEA at this time consisted of 238,317,000 tonnes of measured and indicated resources (91 per cent), and 12,254,000 tonnes of inferred resources (9 per cent) at an average grade of 0.425 per cent copper, 0.926 per cent zinc, 0.0081 per cent molybdenum, 0.04 gram per tonne (g/t) gold and 4.95 g/t silver.
The PEA study was based on the latest resource calculation as released by Tyler in May, 2007. The minimum required for the reclassification of mineral resources to the reserve category being the completion of a prefeasibility level study, the reader is cautioned that under National Instrument Policy 43-101, the mineral resources that are not mineral reserves are not considered to have demonstrated economic viability. The purpose of the PEA is to perform an economic analysis of the potential viability of a mineral resource taken at an early stage of the project, prior to the completion of a preliminary feasibility study.
The board of directors and management of Tyler are very encouraged with the results of this assessment, and all aspects of required work to move the project into the prefeasibility stage are now under way, including environmental, geotechnical and water testing work. The project's second metallurgical test program is now being designed to effectively test the different types of mineralization as outlined in preliminary pit designs produced as part of the PEA studies. The company remains committed to both continue to expand the resource at the Bahuerachi Main zone deposit through continuing exploration as well as fast-track the prefeasibility stage studies on the Main deposit.
The qualified person responsible the preparation of this news release was J.P. Jutras, PGeol, and president of the company. The independent qualified persons which were the authors of the preliminary economic assessment study were Herb Welhener, vice-president, Independent Mining Consultants Inc., and Joseph M. Keane, PEng, principal metallurgical engineer of K.D. Engineering Company. Both are qualified persons, as defined by National Instrument 43-101, and have reviewed and approved of the contents of this news release.
We seek Safe Harbor.
Antwort auf Beitrag Nr.: 31.786.580 von Panem am 29.09.07 18:28:40So isses.
Aber wir sollten diesen Thread nicht allzu bekannt machen.
Aber wir sollten diesen Thread nicht allzu bekannt machen.
Hallo,
hab ich auch vor 3 Tagen entdeckt.
Voraussichtlich einer der größten angehenden Kupfer, Zink, Molybdenproduzenten, mit Nebenprodukten
Gold und Silber(glaub ich), Mexikos.
Hört sich sehr vielversprechend an.
wünsche allen erfolgreiche Börsenaktivitäten,
Popeye
hab ich auch vor 3 Tagen entdeckt.
Voraussichtlich einer der größten angehenden Kupfer, Zink, Molybdenproduzenten, mit Nebenprodukten
Gold und Silber(glaub ich), Mexikos.
Hört sich sehr vielversprechend an.
wünsche allen erfolgreiche Börsenaktivitäten,
Popeye
nur wann
vor 2010-11 geht da nix in produktion
vor 2010-11 geht da nix in produktion
Trading Spotlight
Weiss das nicht mehr genau mit dem Produktionsstart, stimmt wohl.
Aber lieber ein paar langfristig SEHR erfolgsversprechende Sachen ausgemacht haben,
als in diesen, genug vorkommenden, Mist zu investieren.
Wenn man noch bessere, und kurzfristigere, Sachen im Auge hat
ist es doch umso besser
-dann versucht mans damit und merkt sich sowas hier vor.
schlussendlich:
Besser -den Luxus- der Qual der Wahl,
als fast nichts, vernünftiges, zur Auswahl zu haben.
(und den besagten Luxus haben ziemlich(!) viele nicht
-mit sochen Problemen schlage ich mich gerne rum)
nur so in etwa meine Ansicht.
Aber lieber ein paar langfristig SEHR erfolgsversprechende Sachen ausgemacht haben,
als in diesen, genug vorkommenden, Mist zu investieren.
Wenn man noch bessere, und kurzfristigere, Sachen im Auge hat
ist es doch umso besser
-dann versucht mans damit und merkt sich sowas hier vor.
schlussendlich:
Besser -den Luxus- der Qual der Wahl,
als fast nichts, vernünftiges, zur Auswahl zu haben.
(und den besagten Luxus haben ziemlich(!) viele nicht
-mit sochen Problemen schlage ich mich gerne rum)
nur so in etwa meine Ansicht.
so hat jeder seine ansichten
meine ist halt nur
nicht zu weit nach vorne zu schauen
ich kenne unzählige firmen in allen rohstoffsektoren
aber firmen, die erst 2010 und danach in produktion gehen wollen
sind mir suspekt
davon kenne ich auch sehr viele
keiner weiss jedoch
wo die marktpreise für die jeweiligen rohstoffe 2011-12 stehen werden
ich ahbe mich deshalb auf firmen konzentriert
die in produktion sind oder dieses, nächstes oder übernächstes jahr gehen
diese firmen haben wir dann aller von vorn und hinten durchgerechnet
wohl wie kaum ein anderer
zumindest momentan geht die vorgehensweise hervorragend auf
meine ist halt nur
nicht zu weit nach vorne zu schauen
ich kenne unzählige firmen in allen rohstoffsektoren
aber firmen, die erst 2010 und danach in produktion gehen wollen
sind mir suspekt
davon kenne ich auch sehr viele
keiner weiss jedoch
wo die marktpreise für die jeweiligen rohstoffe 2011-12 stehen werden
ich ahbe mich deshalb auf firmen konzentriert
die in produktion sind oder dieses, nächstes oder übernächstes jahr gehen
diese firmen haben wir dann aller von vorn und hinten durchgerechnet
wohl wie kaum ein anderer
zumindest momentan geht die vorgehensweise hervorragend auf
VANCOUVER, Oct. 19 /CNW/ - The following issues have been halted by
Market Regulation Services (RS):
Issuer Name: Tyler Resources Inc.
TSX-V Ticker Symbol: TYS
Time of Halt: 10:29 EST
Reason for Halt: Pending News
Market Regulation Services (RS):
Issuer Name: Tyler Resources Inc.
TSX-V Ticker Symbol: TYS
Time of Halt: 10:29 EST
Reason for Halt: Pending News
TYLER RESOURCES INC
Mercator Minerals announces intention to offer to acquire Tyler Resources
10/19/2007
TRADING SYMBOL: TSX - ML
VANCOUVER, Oct 19, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Mercator Minerals Ltd. ("Mercator") (TSX: ML) today announced that it intends to make an offer to acquire all of the outstanding shares of Tyler Resources Inc. ("Tyler") (TSX-V: TYS) in exchange for shares of Mercator equal to a total consideration of C$1.00 per Tyler share. Under the offer, Tyler shareholders would receive 0.113 of a Mercator share for each Tyler share based on Mercator's volume weighted average share price of C$8.84 on the TSX for the 20 trading days ended October 18, 2007. The share consideration represents a premium of approximately 35% over Tyler's closing share price on October 18, 2007 and over Tyler's volume weighted average share price on the TSX-V for the 20 trading days ended October 18, 2007.
Commenting on the transaction, Mike Surratt, President and Chief Executive Officer of Mercator said "The strong merits of the proposed transaction compelled us to announce our intended offer to the shareholders of Tyler. The combination of Mercator and Tyler makes sense from a strategic and geographic perspective and we believe that the proposed combination is a creative way to unlock value for all shareholders involved. Despite considerable development, mining, and mineral processing risk, we believe Tyler's Bahuerachi project is an excellent complement to Mercator and one that we believe our mining and mineral processing teams can see through to production. We plan to accelerate Bahuerachi to feasibility and bring it on stream very early in the next decade. Our offer would give Tyler shareholders an immediate lift, and the opportunity to participate in the upside with an aggressive, growing mid-tier base metal producer."
The combined company would offer a solid foundation of Mercator's operating SX/EW copper mine with expanding near term copper and molybdenum production and Tyler's pipeline of development and exploration projects.
Highlights and Strategic Benefits
Well structured and financed
----------------------------
- The combined company would have approximately 89 million basic shares
issued and approximately 100 million fully diluted shares
outstanding, assuming Mercator acquires all of the outstanding shares
of Tyler under the offer and assuming the conversion or exercise only
of the currently outstanding options, warrants or other convertible
securities of Tyler that have a conversion or exercise price lower
than C$1.00 per share
- Mercator has a cash balance of approximately US$130.0 million as at
June 30, 2007 and Tyler had a cash balance of approximately
C$9.8 million as at April 30, 2007
- Current Mercator cash flow from operations of approximately
US$2.2 million per month
- Mercator expects to finance most of the Bahuerachi project from free
cash flow produced from the Mineral Park mine
Production growth through to 2009
---------------------------------
- 2007 SX/EW copper production estimated to be approximately 12 million
pounds from Mercator's Mineral Park mine
- Copper - molybdenum expansion project underway at Mercator's Mineral
Park mine
- Full capacity at Mineral Park expected to be reached in 2009;
estimated average annual production over the first 10 years from
Mineral Park of approximately 56.4 million pounds of copper,
10.3 million pounds of molybdenum and 600,000 ounces of silver, based
on Mercator's Technical Report dated December 29, 2006
Attractive resource base to underpin future growth
--------------------------------------------------
Mineral Park (as at December 2006)
----------------------------------
Proven reserves of approximately 430.7 million tons grading 0.14%
copper, 0.040% molybdenum and 0.08 oz per ton silver, and probable
reserves of approximately 89.7 million tons grading 0.11% copper,
0.036% molybdenum and 0.07 oz/ton silver, using long term commodity
prices of US$1.40 per pound copper, US$7.50 per pound molybdenum and
US$7.50 per ounce silver, for a total of 520 million tons of proven
and probable reserves, with contained metal of more than:
- 1.36 billion pounds of copper, from mill reserves and heap leach
reserves
- 343 million pounds of molybdenum, from mill reserves
- 35 million ounces of silver, from mill reserves
Bahuerachi Preliminary Economic Assessment (PEA) completed in
September 2007
-------------------------------------------------------------
In Tyler's press release dated September 27, 2007, Tyler reported
that "(t)he total tonnage and grade of the resource base included in
the PEA at this time consisted of 238,317,000 tonnes of measured and
indicated resources (91%), and 12,254,000 tonnes of Inferred
resources (9%) at an average grade of 0.425% copper, 0.926% zinc,
0.0081% molybdenum, 0.04 g/t gold and 4.95 g/t silver", with metal
contained in concentrates of approximately (as described in the
"Technical Report Summary, Bahuerachi Project, Preliminary Economic
Assessment Report, Chihuahua State, Mexico" prepared by Independent
Mining Consultants, Inc. dated September 2007 disclosed on Tyler's
website) (note: information as to the breakdown of applicable grades
for each of the resource categories separately is not available in
the press release or the technical report summary):
- 2.11 billion pounds of copper
- 163,000 ounces of gold
- 31.9 million ounces of silver
- 26.8 million pounds of molybdenum
- 3.58 billion pounds of zinc
Bahuerachi, prior to the PEA
----------------------------
In Tyler's press release dated May 23, 2007, Tyler reported
524 million tonnes of measured and indicated resources grading 0.4%
copper, 0.55% zinc, 0.008% molybdenum, 4.03 g/t Ag and 0.03 g/t Au,
with a 0.2% copper cutoff grade, with contained metal of
approximately:
- 4.56 billion pounds of copper
- 6.30 billion pounds of zinc
- 96.2 million pounds of molybdenum
- 68.0 million ounces of silver
- 551,000 ounces of gold
Experienced management to build the projects, continue exploration at
Bahuerachi
---------------------------------------------------------------------
- Mercator brings strong mine development, mine financing, and
construction expertise, having successfully started and raised over
C$145 million to expand Mineral Park
- Strong expected cash flows from Mercator and pro-forma financial
strength to enable the build-out of Tyler's Bahuerachi project
- Tyler has identified substantial potential in the Bahuerachi area,
providing the opportunity for more discoveries
Mercator Expansion of Moly-Copper Operations, Construction Underway
- 50,000 tpd two phase expansion at Mineral Park will add milling
copper - moly ore to the SX/EW copper output
- Phase One expected to be complete in Q2, 2008 is expected to bring
milling ore to 25,000 tpd
- Phase Two expected to be complete in Q1, 2009 is expected to bring
milling ore to 50,000 tpd
- Estimated project after tax NPV at an 8% discount rate of
US$428 million using conservative long term prices of US$1.53 per
pound copper, US$10.16 per pound molybdenum and US$7.50 per ounce
silver, based on Mercator's Technical Report dated December 29, 2006
- Expected mine life - 25 years
- Expansion expected to be fully financed by combining Mercator's
current cash on hand of US$130 million with cash flow from operations
Bahuerachi PEA
- In Tyler's press release dated September 27, 2007, Tyler reported
that "(a)t conservative Base-Case long term metal price assumptions
of US $1.50/lb copper, $0.80/lb zinc, $15.00/lb molybdenum,
$500.00/Oz gold and $10.00/Oz silver, the project has been estimated
to be able to produce on a life-of-mine ("LOM") basis a yearly
average of 183.76 million pounds of copper, 311.26 million pounds of
zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of
silver and 14,180 ounces of gold for 12 years on the assumption of a
60,000 tonne per day milling operation. Total capital costs on a LOM
basis have been estimated at US$619.25 million, with a Base-Case
capital payback period occurring during production year 4. Using
August 2007 three year backward average metal prices of US$2.43/Lb
copper, $1.10/lb zinc, $30.85 molybdenum, $10.00/Oz silver and
$544/Oz gold, capital payback period would occur during production
year 2."
Additional Details of the Offer
Mercator expects to mail a formal offer and take over bid circular to the shareholders of Tyler in accordance with applicable securities laws. The formal offer and takeover bid circular will include full details regarding the Tyler offer, including a complete description of the conditions to the offer. The offer is expected to remain open for acceptance for 35 days following the mailing date.
To complete the transaction, Mercator would issue approximately 15 million new common shares to Tyler shareholders, assuming all of the outstanding shares of Tyler are tendered to the offer and assuming the conversion or exercise only of the currently outstanding options, warrants or other convertible securities of Tyler that have a conversion or exercise price lower than C$1.00 per share. On an issued basis, the pro rata shareholdings are anticipated to be approximately: 84% existing Mercator shareholders, 16% existing Tyler shareholders.
No Mercator shares will be delivered in the United States or to or for the account or for the benefit of a person in the United States, unless Mercator is satisfied that such Mercator shares may be delivered in the relevant jurisdiction in reliance upon available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and the securities laws of the relevant U.S. state or other local jurisdiction, or on a basis otherwise determined to be acceptable to Mercator in its sole discretion. Ineligible Tyler shareholders who would otherwise receive Mercator shares in exchange for their Tyler shares may, at the sole discretion of Mercator, have such Mercator shares issued on their behalf to a selling agent, which shall, as agent for such Tyler shareholders, sell such Mercator shares on their behalf over the facilities of the TSX and have the net proceeds of such sale, less any applicable withholding taxes, delivered to such Tyler shareholders.
The offer will be subject to a number of conditions, including without limitation absence of adverse material changes, receipt of all necessary regulatory approvals and a minimum of 66 2/3% of Tyler shares being tendered.
Investor and Analyst Conference Call
The investment community is invited to participate in Mercator's conference call as follows:
Friday, October 19, 2007 at 11 a.m. (PDT) Toll Free (North America): (866) 249-1964 Local/International: (604) 677-8677
The presentation that corresponds with the conference call is available via the Internet by visiting www.mercatorminerals.com.
The conference call and all questions and answers will be recorded and made available until October 26, 2007. To listen to the recording, call (877) 289-8525 or (416) 640-1917 and enter pass code 21250979 followed by the number sign.
The conference call will be web cast live as well as for on-demand listening at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2055… the Company's website. Listeners may access the call through the "conference calls" link in the investor relations section of the site.
About Mercator Minerals Ltd.
Mercator is a copper producer that owns and operates the Mineral Park copper mine in Arizona, with a corporate strategy focused on maximizing the production potential of the Mineral Park copper-molybdenum deposit and growing through mergers and acquisitions. The Company has filed a technical report supporting the expansion of increased copper production plus molybdenum and silver production. Jim Tompkins, P.Eng., Mercator's independent mining engineer, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of and verified the Mercator technical information contained in this release.
About Tyler Resources Inc.
Tyler is a Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property in Northwestern Mexico, in the state of Chihuahua. As part of its ongoing drill program, Tyler has now drilled in excess of 51,000 meters of combined diamond and reverse circulation drilling since 2004.
On Behalf of the Board of Directors MERCATOR MINERALS LTD. Per: "Michael L. Surratt" Michael L. Surratt, President Information Concerning Mineralization and Resources
Unless otherwise indicated, all resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System in compliance with Canadian securities laws, which differ from the requirements of United States securities laws. Without limiting the foregoing, this news release uses the terms "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission ("SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this news release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
Information Concerning Tyler
Except as otherwise indicated, information concerning Tyler contained in this news release has been taken from or is based upon publicly available documents and records on file with the Canadian securities regulatory authorities and other public sources. Tyler has not reviewed this news release and has not confirmed the accuracy and completeness of the information in respect of Tyler contained herein. Although Mercator has no knowledge that would indicate that any statements contained herein concerning Tyler taken from or based upon such documents and records are untrue or incomplete, neither Mercator nor any of its directors or officers assumes any responsibility for the accuracy or completeness of such information, including any of Tyler's financial statements, or for any failure by Tyler to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information but which are unknown to Tyler.
In Tyler's September 27, 2007 press release, Tyler advised that "(a) copy of the (Independent Mining Consultants) PEA executive summary will be available on the Tyler website shortly outlining the details of the pricing and cost assumptions inputs, calculations, metal recovery assumptions and mining phases used in this first economic evaluation of the Bahuerachi Deposit's potential. A full report of the PEA study as per the requirements of National Instrument 43-101 is expected to be filed on SEDAR within 45 days." Tyler further advised that "(t)he PEA study was based on the latest resource calculation as released by Tyler in May 2007. The minimum required for the reclassification of mineral resources to the reserve category being the completion of a pre-feasibility level study, the reader is cautioned that under National Instrument 43-101, the mineral resources that are not mineral reserves are not considered to have demonstrated economic viability. The purpose of the PEA is to perform an economic analysis of the potential viability of a mineral resource taken at an early stage of the project, prior to the completion of a preliminary feasibility study."
Forward Looking Information
This news release contains forward looking statements of Mercator, being statements which are not historical facts, including, without limitation, statements regarding the proposed acquisition of Tyler by Mercator, the potential benefits thereof and discussions of future plans, projections and objectives. In addition, estimates of mineral reserves and resources may constitute forward looking statements to the extent they involve estimates of the mineralization that will be encountered if a property is developed. This news release also contains forward looking statements of Tyler, which are derived from publicly available documents. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from Mercator's or Tyler's expectation are in the documents filed by Mercator and Tyler, respectively, from time to time with the Toronto Stock Exchange, the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. Mercator disclaims any intention or obligation to revise or update such statements.
The following factors, among others, related to the proposed acquisition of Tyler, the potential benefits thereof and future plans, projections and objectives could cause actual results of developments to differ materially from the results or developments expressed or implied by forward looking statements: the Mercator shares issued in connection with the offer may have a market value lower than expected; the businesses of Mercator and Tyler may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; the expected combination benefits from the acquisition of Tyler may not be fully realized by Mercator or may not be realized within the expected time frame; Mercator cannot determine the number of Tyler shareholders who may accept the Tyler offer; Mercator may not acquire one-hundred percent of the shares of Tyler; and the possible delay in the completion of the steps required to be taken for the acquisition of Tyler and the ultimate combination of Mercator and Tyler.
Notice to U.S. Shareholders of Tyler
The offer, if and when made, will be made for the securities of a Canadian issuer and by a Canadian issuer that is permitted to prepare the offer and circular in accordance with the disclosure requirements of Canada. Shareholders should be aware that such requirements are different from those of the United States. The financial statements to be included or incorporated by reference in the offer and circular will be prepared in accordance with Canadian generally accepted accounting principles, and may be subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of United States companies.
The enforcement by shareholders of civil liabilities under the United States federal securities laws may be affected adversely by the fact that Mercator is incorporated under the laws of Canada, that some or all of its officers and directors may be residents of jurisdictions outside the United States, that some or all of the dealer managers for the offer and some or all of the experts named in the offer and circular may be residents of jurisdictions outside the United States and that all or a substantial portion of the assets of Mercator and said persons may be located outside the United States.
You should be aware Mercator may purchase securities otherwise than under the offer, such as in open market or privately negotiated purchases.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: MERCATOR MINERALS LTD., Marc LeBlanc, VP Corporate Development & Corporate Secretary, Tel: (604) 981-9661 or (604) 716-5582, Fax: (604) 960-9661, Email: mleblanc@mercatorminerals.com
SOURCE Mercator Minerals Ltd.
Copyright (C) 2007 PR Newswire. All rights reserved
© 2007 Stockgroup Media Inc. | Disclaimer
Mercator Minerals announces intention to offer to acquire Tyler Resources
10/19/2007
TRADING SYMBOL: TSX - ML
VANCOUVER, Oct 19, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Mercator Minerals Ltd. ("Mercator") (TSX: ML) today announced that it intends to make an offer to acquire all of the outstanding shares of Tyler Resources Inc. ("Tyler") (TSX-V: TYS) in exchange for shares of Mercator equal to a total consideration of C$1.00 per Tyler share. Under the offer, Tyler shareholders would receive 0.113 of a Mercator share for each Tyler share based on Mercator's volume weighted average share price of C$8.84 on the TSX for the 20 trading days ended October 18, 2007. The share consideration represents a premium of approximately 35% over Tyler's closing share price on October 18, 2007 and over Tyler's volume weighted average share price on the TSX-V for the 20 trading days ended October 18, 2007.
Commenting on the transaction, Mike Surratt, President and Chief Executive Officer of Mercator said "The strong merits of the proposed transaction compelled us to announce our intended offer to the shareholders of Tyler. The combination of Mercator and Tyler makes sense from a strategic and geographic perspective and we believe that the proposed combination is a creative way to unlock value for all shareholders involved. Despite considerable development, mining, and mineral processing risk, we believe Tyler's Bahuerachi project is an excellent complement to Mercator and one that we believe our mining and mineral processing teams can see through to production. We plan to accelerate Bahuerachi to feasibility and bring it on stream very early in the next decade. Our offer would give Tyler shareholders an immediate lift, and the opportunity to participate in the upside with an aggressive, growing mid-tier base metal producer."
The combined company would offer a solid foundation of Mercator's operating SX/EW copper mine with expanding near term copper and molybdenum production and Tyler's pipeline of development and exploration projects.
Highlights and Strategic Benefits
Well structured and financed
----------------------------
- The combined company would have approximately 89 million basic shares
issued and approximately 100 million fully diluted shares
outstanding, assuming Mercator acquires all of the outstanding shares
of Tyler under the offer and assuming the conversion or exercise only
of the currently outstanding options, warrants or other convertible
securities of Tyler that have a conversion or exercise price lower
than C$1.00 per share
- Mercator has a cash balance of approximately US$130.0 million as at
June 30, 2007 and Tyler had a cash balance of approximately
C$9.8 million as at April 30, 2007
- Current Mercator cash flow from operations of approximately
US$2.2 million per month
- Mercator expects to finance most of the Bahuerachi project from free
cash flow produced from the Mineral Park mine
Production growth through to 2009
---------------------------------
- 2007 SX/EW copper production estimated to be approximately 12 million
pounds from Mercator's Mineral Park mine
- Copper - molybdenum expansion project underway at Mercator's Mineral
Park mine
- Full capacity at Mineral Park expected to be reached in 2009;
estimated average annual production over the first 10 years from
Mineral Park of approximately 56.4 million pounds of copper,
10.3 million pounds of molybdenum and 600,000 ounces of silver, based
on Mercator's Technical Report dated December 29, 2006
Attractive resource base to underpin future growth
--------------------------------------------------
Mineral Park (as at December 2006)
----------------------------------
Proven reserves of approximately 430.7 million tons grading 0.14%
copper, 0.040% molybdenum and 0.08 oz per ton silver, and probable
reserves of approximately 89.7 million tons grading 0.11% copper,
0.036% molybdenum and 0.07 oz/ton silver, using long term commodity
prices of US$1.40 per pound copper, US$7.50 per pound molybdenum and
US$7.50 per ounce silver, for a total of 520 million tons of proven
and probable reserves, with contained metal of more than:
- 1.36 billion pounds of copper, from mill reserves and heap leach
reserves
- 343 million pounds of molybdenum, from mill reserves
- 35 million ounces of silver, from mill reserves
Bahuerachi Preliminary Economic Assessment (PEA) completed in
September 2007
-------------------------------------------------------------
In Tyler's press release dated September 27, 2007, Tyler reported
that "(t)he total tonnage and grade of the resource base included in
the PEA at this time consisted of 238,317,000 tonnes of measured and
indicated resources (91%), and 12,254,000 tonnes of Inferred
resources (9%) at an average grade of 0.425% copper, 0.926% zinc,
0.0081% molybdenum, 0.04 g/t gold and 4.95 g/t silver", with metal
contained in concentrates of approximately (as described in the
"Technical Report Summary, Bahuerachi Project, Preliminary Economic
Assessment Report, Chihuahua State, Mexico" prepared by Independent
Mining Consultants, Inc. dated September 2007 disclosed on Tyler's
website) (note: information as to the breakdown of applicable grades
for each of the resource categories separately is not available in
the press release or the technical report summary):
- 2.11 billion pounds of copper
- 163,000 ounces of gold
- 31.9 million ounces of silver
- 26.8 million pounds of molybdenum
- 3.58 billion pounds of zinc
Bahuerachi, prior to the PEA
----------------------------
In Tyler's press release dated May 23, 2007, Tyler reported
524 million tonnes of measured and indicated resources grading 0.4%
copper, 0.55% zinc, 0.008% molybdenum, 4.03 g/t Ag and 0.03 g/t Au,
with a 0.2% copper cutoff grade, with contained metal of
approximately:
- 4.56 billion pounds of copper
- 6.30 billion pounds of zinc
- 96.2 million pounds of molybdenum
- 68.0 million ounces of silver
- 551,000 ounces of gold
Experienced management to build the projects, continue exploration at
Bahuerachi
---------------------------------------------------------------------
- Mercator brings strong mine development, mine financing, and
construction expertise, having successfully started and raised over
C$145 million to expand Mineral Park
- Strong expected cash flows from Mercator and pro-forma financial
strength to enable the build-out of Tyler's Bahuerachi project
- Tyler has identified substantial potential in the Bahuerachi area,
providing the opportunity for more discoveries
Mercator Expansion of Moly-Copper Operations, Construction Underway
- 50,000 tpd two phase expansion at Mineral Park will add milling
copper - moly ore to the SX/EW copper output
- Phase One expected to be complete in Q2, 2008 is expected to bring
milling ore to 25,000 tpd
- Phase Two expected to be complete in Q1, 2009 is expected to bring
milling ore to 50,000 tpd
- Estimated project after tax NPV at an 8% discount rate of
US$428 million using conservative long term prices of US$1.53 per
pound copper, US$10.16 per pound molybdenum and US$7.50 per ounce
silver, based on Mercator's Technical Report dated December 29, 2006
- Expected mine life - 25 years
- Expansion expected to be fully financed by combining Mercator's
current cash on hand of US$130 million with cash flow from operations
Bahuerachi PEA
- In Tyler's press release dated September 27, 2007, Tyler reported
that "(a)t conservative Base-Case long term metal price assumptions
of US $1.50/lb copper, $0.80/lb zinc, $15.00/lb molybdenum,
$500.00/Oz gold and $10.00/Oz silver, the project has been estimated
to be able to produce on a life-of-mine ("LOM") basis a yearly
average of 183.76 million pounds of copper, 311.26 million pounds of
zinc, 2.33 million pounds of molybdenum, 2.77 million ounces of
silver and 14,180 ounces of gold for 12 years on the assumption of a
60,000 tonne per day milling operation. Total capital costs on a LOM
basis have been estimated at US$619.25 million, with a Base-Case
capital payback period occurring during production year 4. Using
August 2007 three year backward average metal prices of US$2.43/Lb
copper, $1.10/lb zinc, $30.85 molybdenum, $10.00/Oz silver and
$544/Oz gold, capital payback period would occur during production
year 2."
Additional Details of the Offer
Mercator expects to mail a formal offer and take over bid circular to the shareholders of Tyler in accordance with applicable securities laws. The formal offer and takeover bid circular will include full details regarding the Tyler offer, including a complete description of the conditions to the offer. The offer is expected to remain open for acceptance for 35 days following the mailing date.
To complete the transaction, Mercator would issue approximately 15 million new common shares to Tyler shareholders, assuming all of the outstanding shares of Tyler are tendered to the offer and assuming the conversion or exercise only of the currently outstanding options, warrants or other convertible securities of Tyler that have a conversion or exercise price lower than C$1.00 per share. On an issued basis, the pro rata shareholdings are anticipated to be approximately: 84% existing Mercator shareholders, 16% existing Tyler shareholders.
No Mercator shares will be delivered in the United States or to or for the account or for the benefit of a person in the United States, unless Mercator is satisfied that such Mercator shares may be delivered in the relevant jurisdiction in reliance upon available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and the securities laws of the relevant U.S. state or other local jurisdiction, or on a basis otherwise determined to be acceptable to Mercator in its sole discretion. Ineligible Tyler shareholders who would otherwise receive Mercator shares in exchange for their Tyler shares may, at the sole discretion of Mercator, have such Mercator shares issued on their behalf to a selling agent, which shall, as agent for such Tyler shareholders, sell such Mercator shares on their behalf over the facilities of the TSX and have the net proceeds of such sale, less any applicable withholding taxes, delivered to such Tyler shareholders.
The offer will be subject to a number of conditions, including without limitation absence of adverse material changes, receipt of all necessary regulatory approvals and a minimum of 66 2/3% of Tyler shares being tendered.
Investor and Analyst Conference Call
The investment community is invited to participate in Mercator's conference call as follows:
Friday, October 19, 2007 at 11 a.m. (PDT) Toll Free (North America): (866) 249-1964 Local/International: (604) 677-8677
The presentation that corresponds with the conference call is available via the Internet by visiting www.mercatorminerals.com.
The conference call and all questions and answers will be recorded and made available until October 26, 2007. To listen to the recording, call (877) 289-8525 or (416) 640-1917 and enter pass code 21250979 followed by the number sign.
The conference call will be web cast live as well as for on-demand listening at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2055… the Company's website. Listeners may access the call through the "conference calls" link in the investor relations section of the site.
About Mercator Minerals Ltd.
Mercator is a copper producer that owns and operates the Mineral Park copper mine in Arizona, with a corporate strategy focused on maximizing the production potential of the Mineral Park copper-molybdenum deposit and growing through mergers and acquisitions. The Company has filed a technical report supporting the expansion of increased copper production plus molybdenum and silver production. Jim Tompkins, P.Eng., Mercator's independent mining engineer, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of and verified the Mercator technical information contained in this release.
About Tyler Resources Inc.
Tyler is a Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property in Northwestern Mexico, in the state of Chihuahua. As part of its ongoing drill program, Tyler has now drilled in excess of 51,000 meters of combined diamond and reverse circulation drilling since 2004.
On Behalf of the Board of Directors MERCATOR MINERALS LTD. Per: "Michael L. Surratt" Michael L. Surratt, President Information Concerning Mineralization and Resources
Unless otherwise indicated, all resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System in compliance with Canadian securities laws, which differ from the requirements of United States securities laws. Without limiting the foregoing, this news release uses the terms "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission ("SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this news release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
Information Concerning Tyler
Except as otherwise indicated, information concerning Tyler contained in this news release has been taken from or is based upon publicly available documents and records on file with the Canadian securities regulatory authorities and other public sources. Tyler has not reviewed this news release and has not confirmed the accuracy and completeness of the information in respect of Tyler contained herein. Although Mercator has no knowledge that would indicate that any statements contained herein concerning Tyler taken from or based upon such documents and records are untrue or incomplete, neither Mercator nor any of its directors or officers assumes any responsibility for the accuracy or completeness of such information, including any of Tyler's financial statements, or for any failure by Tyler to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information but which are unknown to Tyler.
In Tyler's September 27, 2007 press release, Tyler advised that "(a) copy of the (Independent Mining Consultants) PEA executive summary will be available on the Tyler website shortly outlining the details of the pricing and cost assumptions inputs, calculations, metal recovery assumptions and mining phases used in this first economic evaluation of the Bahuerachi Deposit's potential. A full report of the PEA study as per the requirements of National Instrument 43-101 is expected to be filed on SEDAR within 45 days." Tyler further advised that "(t)he PEA study was based on the latest resource calculation as released by Tyler in May 2007. The minimum required for the reclassification of mineral resources to the reserve category being the completion of a pre-feasibility level study, the reader is cautioned that under National Instrument 43-101, the mineral resources that are not mineral reserves are not considered to have demonstrated economic viability. The purpose of the PEA is to perform an economic analysis of the potential viability of a mineral resource taken at an early stage of the project, prior to the completion of a preliminary feasibility study."
Forward Looking Information
This news release contains forward looking statements of Mercator, being statements which are not historical facts, including, without limitation, statements regarding the proposed acquisition of Tyler by Mercator, the potential benefits thereof and discussions of future plans, projections and objectives. In addition, estimates of mineral reserves and resources may constitute forward looking statements to the extent they involve estimates of the mineralization that will be encountered if a property is developed. This news release also contains forward looking statements of Tyler, which are derived from publicly available documents. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from Mercator's or Tyler's expectation are in the documents filed by Mercator and Tyler, respectively, from time to time with the Toronto Stock Exchange, the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. Mercator disclaims any intention or obligation to revise or update such statements.
The following factors, among others, related to the proposed acquisition of Tyler, the potential benefits thereof and future plans, projections and objectives could cause actual results of developments to differ materially from the results or developments expressed or implied by forward looking statements: the Mercator shares issued in connection with the offer may have a market value lower than expected; the businesses of Mercator and Tyler may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; the expected combination benefits from the acquisition of Tyler may not be fully realized by Mercator or may not be realized within the expected time frame; Mercator cannot determine the number of Tyler shareholders who may accept the Tyler offer; Mercator may not acquire one-hundred percent of the shares of Tyler; and the possible delay in the completion of the steps required to be taken for the acquisition of Tyler and the ultimate combination of Mercator and Tyler.
Notice to U.S. Shareholders of Tyler
The offer, if and when made, will be made for the securities of a Canadian issuer and by a Canadian issuer that is permitted to prepare the offer and circular in accordance with the disclosure requirements of Canada. Shareholders should be aware that such requirements are different from those of the United States. The financial statements to be included or incorporated by reference in the offer and circular will be prepared in accordance with Canadian generally accepted accounting principles, and may be subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of United States companies.
The enforcement by shareholders of civil liabilities under the United States federal securities laws may be affected adversely by the fact that Mercator is incorporated under the laws of Canada, that some or all of its officers and directors may be residents of jurisdictions outside the United States, that some or all of the dealer managers for the offer and some or all of the experts named in the offer and circular may be residents of jurisdictions outside the United States and that all or a substantial portion of the assets of Mercator and said persons may be located outside the United States.
You should be aware Mercator may purchase securities otherwise than under the offer, such as in open market or privately negotiated purchases.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: MERCATOR MINERALS LTD., Marc LeBlanc, VP Corporate Development & Corporate Secretary, Tel: (604) 981-9661 or (604) 716-5582, Fax: (604) 960-9661, Email: mleblanc@mercatorminerals.com
SOURCE Mercator Minerals Ltd.
Copyright (C) 2007 PR Newswire. All rights reserved
© 2007 Stockgroup Media Inc. | Disclaimer
Jackpot - das war ein kurzer Thread:
"Oct 20, 2007 04:30 AM
VANCOUVER–Copper and molybdenum miner Mercator Minerals Ltd. is moving in on Calgary-based junior miner Tyler Resources Inc. with an unsolicited, all-stock offer worth about $121 million.
There was no immediate response yesterday from Tyler, which three weeks ago adopted a shareholder-rights plan to forestall any hostile takeover.
Mercator, based in Kingman, Ariz., said Tyler's Bahuerachi project in Mexico would be an "excellent complement" to Mercator's Mineral Park copper mine in Arizona.
Tyler shareholders are being offered 0.113 of a Mercator share for each Tyler share.
Mercator valued the bid at $1 per share based on its average TSX price of $8.84 in the past 20 trading days, a 35 per cent premium over Tyler's closing value Thursday.
Mercator shares closed at $9.71 yesterday, off nine cents on the TSX.
Tyler stock remained halted, having last traded at 71 cents on the TSX Venture Exchange, off three cents from Thursday, before the Mercator announcement.
"It is certainly, in our opinion, a win-win deal for everybody," Mercator CEO Mike Surratt said during a conference call.
"It gives Tyler shareholders a significant position in a much larger company that will have the wherewithal to bring the Bahuerachi property into production ... Together we would be a very formidable mid-tier company."
He said Mercator signed a confidentiality agreement with Tyler several weeks ago; however, since then "we've had conversations but we haven't exchanged any information."
Describing the proposed price as "a fair and equitable offer that leans to the high side of the market," he said that if Tyler's response "was too hostile we'd probably be sharpening the pencil a whole lot." He added: "In the long run we would certainly like to sit down with them and make this really work."
The proposal is "very timely," Surratt said, because Mercator expects it would take a year and a half to two years to advance Bahuerachi to a building stage, which would coincide with completion of expansion work by Mercator's established team at Mineral Park.
The Canadian Press"
"Oct 20, 2007 04:30 AM
VANCOUVER–Copper and molybdenum miner Mercator Minerals Ltd. is moving in on Calgary-based junior miner Tyler Resources Inc. with an unsolicited, all-stock offer worth about $121 million.
There was no immediate response yesterday from Tyler, which three weeks ago adopted a shareholder-rights plan to forestall any hostile takeover.
Mercator, based in Kingman, Ariz., said Tyler's Bahuerachi project in Mexico would be an "excellent complement" to Mercator's Mineral Park copper mine in Arizona.
Tyler shareholders are being offered 0.113 of a Mercator share for each Tyler share.
Mercator valued the bid at $1 per share based on its average TSX price of $8.84 in the past 20 trading days, a 35 per cent premium over Tyler's closing value Thursday.
Mercator shares closed at $9.71 yesterday, off nine cents on the TSX.
Tyler stock remained halted, having last traded at 71 cents on the TSX Venture Exchange, off three cents from Thursday, before the Mercator announcement.
"It is certainly, in our opinion, a win-win deal for everybody," Mercator CEO Mike Surratt said during a conference call.
"It gives Tyler shareholders a significant position in a much larger company that will have the wherewithal to bring the Bahuerachi property into production ... Together we would be a very formidable mid-tier company."
He said Mercator signed a confidentiality agreement with Tyler several weeks ago; however, since then "we've had conversations but we haven't exchanged any information."
Describing the proposed price as "a fair and equitable offer that leans to the high side of the market," he said that if Tyler's response "was too hostile we'd probably be sharpening the pencil a whole lot." He added: "In the long run we would certainly like to sit down with them and make this really work."
The proposal is "very timely," Surratt said, because Mercator expects it would take a year and a half to two years to advance Bahuerachi to a building stage, which would coincide with completion of expansion work by Mercator's established team at Mineral Park.
The Canadian Press"
Ok - ist schon angekommen.
Ich habe den Wert also nicht allein so positiv gesehen.
Beruhigend.
PS: So viel zur zeitlichen Perspektive.
Ich habe den Wert also nicht allein so positiv gesehen.
Beruhigend.
PS: So viel zur zeitlichen Perspektive.
TYLER RESOURCES INC.
TSX VENTURE: TYS
Oct 22, 2007 10:24 ET
Tyler Resources Receives Unsolicited Proposal
CALGARY, ALBERTA--(Marketwire - Oct. 22, 2007) - Tyler Resources Inc. ("Tyler") (TSX VENTURE:TYS) has been informed that Mercator Minerals Ltd. ("Mercator"), announced on October 19 that it intends to make an unsolicited offer to purchase all of the outstanding shares of Tyler on the basis of 0.113 of a Mercator share for each Tyler share. Tyler is not aware that a formal offer has been formulated subsequent to the October 19th announcement, and no formal offer has been received. The Board of Directors of Tyler has formed a special committee comprised of Messrs. Scott Reeves (Chairman), Lesley Hayes, Gregory Smith and Alan Craven to consider this unsolicited proposal and will make a statement in due course. The committee intends to retain legal and financial advisors to assist them in considering the Mercator proposal and all appropriate alternatives.
At this time, and until such a time as a formal offer is presented, the Company's Board of Directors can only speculate as to the reasons why Mercator would announce an intention to make an offer to purchase Tyler for an ascribed price per Tyler share that is materially lower than the indicative price per share previously presented to Tyler by Mercator under a conditional proposal that was made following a field visit to the Bahuerachi project by key Mercator representatives.
While Tyler is obviously pleased that an experienced and credible mine development company agrees with Tyler's assessment that the Bahuerachi Deposit is now at a size and stage that may support fast tracking to development, the Company also believes that now is one of its most important phases of building value at Bahuerachi through the following events, results for which are expected over the coming few weeks to months:
Growing the Main Deposit:
Continued drilling results anticipated shortly on the west side of the known Bahuerachi deposit are expected to demonstrate Main Deposit growth potential and outline the expansion potential of initial PEA pit resources.
Update the Resource:
A third resource estimate calculation is planned for December 2007/January 2008 incorporating all new drilling information from May to December of 2007. Management currently estimates that a significant amount of new mineralization will be defined in this exercise. Most importantly, the new resource blocks have been targeted within the PEA pit environment and are anticipated to positively impact the economics of a starter pit operation as outlined in the Bahuerachi PEA published in September of this year by expanding the resources and replacing certain areas initially modeled as waste with higher grade mineralization.
Opening the District:
Full drilling results from initial RC drill testing of the Cerro Prieto high-grade skarn target in the northern part of the property are expected shortly. Seven drill holes were completed and sent for assay between August and September of this year. Cerro Prieto has strong potential to return a new high-grade, near surface polymetallic discovery at Bahuerachi, and to further unlock the district's exploration and development potential.
Advancing the Project:
The pre-feasibility study for Bahuerachi is currently targeted to be completed in the first half of 2008.
Tyler is fully financed to accomplish all of the items listed above and anticipates taking the project to and through the critical pre and full feasibility stages during 2008.
The Bahuerachi district is still open with several large porphyry and skarn targets remaining to be explored, in addition to the large mineralized North and South porphyry lobes that have been identified adjacent to the Main deposit.
Having regard to his role as VP Engineering & Mine Manager to Mercator, Mr. Gary Simmerman has tendered his resignation from the Board of Directors of Tyler following the Mercator announcement. The Board of Directors and management of Tyler thank Mr. Simmerman for his valuable contributions.
About Tyler - Tyler Resources is a well funded Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property, which hosts Mexico's fourth largest mineralized porphyry deposit. As part of its ongoing drill program, the Company has now drilled in excess of 52,000 meters of combined diamond and reverse circulation drilling since 2004, making it one of the most active Canadian junior exploration companies operating in Mexico.
Jean Pierre Jutras, President/CEO/Director
Cautionary language: Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Tyler's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Tyler. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Tyler's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Tyler's filings with the Canadian securities authorities. Accordingly, holders of Tyler shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Tyler disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
For more information, please contact
Tyler Resources Inc.
Jean Pierre Jutras
President/CEO/Director
(403) 269-6753
(403) 266-2606 (FAX)
Website: www.tylerresources.com
TSX VENTURE: TYS
Oct 22, 2007 10:24 ET
Tyler Resources Receives Unsolicited Proposal
CALGARY, ALBERTA--(Marketwire - Oct. 22, 2007) - Tyler Resources Inc. ("Tyler") (TSX VENTURE:TYS) has been informed that Mercator Minerals Ltd. ("Mercator"), announced on October 19 that it intends to make an unsolicited offer to purchase all of the outstanding shares of Tyler on the basis of 0.113 of a Mercator share for each Tyler share. Tyler is not aware that a formal offer has been formulated subsequent to the October 19th announcement, and no formal offer has been received. The Board of Directors of Tyler has formed a special committee comprised of Messrs. Scott Reeves (Chairman), Lesley Hayes, Gregory Smith and Alan Craven to consider this unsolicited proposal and will make a statement in due course. The committee intends to retain legal and financial advisors to assist them in considering the Mercator proposal and all appropriate alternatives.
At this time, and until such a time as a formal offer is presented, the Company's Board of Directors can only speculate as to the reasons why Mercator would announce an intention to make an offer to purchase Tyler for an ascribed price per Tyler share that is materially lower than the indicative price per share previously presented to Tyler by Mercator under a conditional proposal that was made following a field visit to the Bahuerachi project by key Mercator representatives.
While Tyler is obviously pleased that an experienced and credible mine development company agrees with Tyler's assessment that the Bahuerachi Deposit is now at a size and stage that may support fast tracking to development, the Company also believes that now is one of its most important phases of building value at Bahuerachi through the following events, results for which are expected over the coming few weeks to months:
Growing the Main Deposit:
Continued drilling results anticipated shortly on the west side of the known Bahuerachi deposit are expected to demonstrate Main Deposit growth potential and outline the expansion potential of initial PEA pit resources.
Update the Resource:
A third resource estimate calculation is planned for December 2007/January 2008 incorporating all new drilling information from May to December of 2007. Management currently estimates that a significant amount of new mineralization will be defined in this exercise. Most importantly, the new resource blocks have been targeted within the PEA pit environment and are anticipated to positively impact the economics of a starter pit operation as outlined in the Bahuerachi PEA published in September of this year by expanding the resources and replacing certain areas initially modeled as waste with higher grade mineralization.
Opening the District:
Full drilling results from initial RC drill testing of the Cerro Prieto high-grade skarn target in the northern part of the property are expected shortly. Seven drill holes were completed and sent for assay between August and September of this year. Cerro Prieto has strong potential to return a new high-grade, near surface polymetallic discovery at Bahuerachi, and to further unlock the district's exploration and development potential.
Advancing the Project:
The pre-feasibility study for Bahuerachi is currently targeted to be completed in the first half of 2008.
Tyler is fully financed to accomplish all of the items listed above and anticipates taking the project to and through the critical pre and full feasibility stages during 2008.
The Bahuerachi district is still open with several large porphyry and skarn targets remaining to be explored, in addition to the large mineralized North and South porphyry lobes that have been identified adjacent to the Main deposit.
Having regard to his role as VP Engineering & Mine Manager to Mercator, Mr. Gary Simmerman has tendered his resignation from the Board of Directors of Tyler following the Mercator announcement. The Board of Directors and management of Tyler thank Mr. Simmerman for his valuable contributions.
About Tyler - Tyler Resources is a well funded Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property, which hosts Mexico's fourth largest mineralized porphyry deposit. As part of its ongoing drill program, the Company has now drilled in excess of 52,000 meters of combined diamond and reverse circulation drilling since 2004, making it one of the most active Canadian junior exploration companies operating in Mexico.
Jean Pierre Jutras, President/CEO/Director
Cautionary language: Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Tyler's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Tyler. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Tyler's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Tyler's filings with the Canadian securities authorities. Accordingly, holders of Tyler shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Tyler disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
For more information, please contact
Tyler Resources Inc.
Jean Pierre Jutras
President/CEO/Director
(403) 269-6753
(403) 266-2606 (FAX)
Website: www.tylerresources.com
VANCOUVER, Oct. 22 /CNW/ - Trading resumes in:
Issuer Name: Tyler Res Inc.
TSX-V Ticker Symbol: TYS
Resumption Time: 11:15 EST
Issuer Name: Tyler Res Inc.
TSX-V Ticker Symbol: TYS
Resumption Time: 11:15 EST
schade, da werden sie wohl fürn Appel und ein Ei ver der überbewerteten mercator vereinnahmt.. was für ein Diebstahl
Nun ja, so wie sich die Mitteilung von heute liest aber wohl - erst - mal nicht ...
... oh, übrigens:
aktueller Kurs 1,09 Can$, bei 4.900.000 gehandelten Stücken.
aktueller Kurs 1,09 Can$, bei 4.900.000 gehandelten Stücken.
bei der der zeitigen Verfassung der märkte werden viele Investoren ihre Aktien hergeben.. das is leider in letzter zeit häufig der Fall.. ich werd sie erst mal weiter beobachten..
kaufen macht grad keinen Sinn... fällt mercator 8welche ich nicht wirklich mag) fällt Tyler mit... man is dann irgendwie ausgeliefert...
interessant würde es werden wenn ein 2. bieter auftaucht. Ich glaub aber nicht dran
kaufen macht grad keinen Sinn... fällt mercator 8welche ich nicht wirklich mag) fällt Tyler mit... man is dann irgendwie ausgeliefert...
interessant würde es werden wenn ein 2. bieter auftaucht. Ich glaub aber nicht dran
Nov 30, 2007 09:00 ET
Tyler Reports Stepout Drilling, Highlights Significant Additional Tonnage Potential at Bahuerachi
--Company Also Responds to Mercator Minerals' News Release--
CALGARY, ALBERTA--(Marketwire - Nov. 30, 2007) - Tyler Resources Inc. (TSX VENTURE:TYS) ("Tyler" or the "Company") today announced assay results from seven additional drill holes at the Main Zone of its 100% owned Bahuerachi project in Mexico. Tyler also responded to unfounded claims made by Mercator Minerals Ltd. In its press release dated November 27th regarding Mercator's unsolicited offer for Tyler.
"This latest series of positive drill results supports the Tyler Board of Directors' belief that the Bahuerachi project is a significant asset with further upside potential and highlights the opportunistic nature of Mercator's hostile attempt to acquire control of Tyler. This is one of the reasons for the Board's recommendation to reject the Mercator offer," said Jean-Pierre Jutras, Director, President and CEO of Tyler.
"We are moving aggressively towards an updated resource estimate and a pre-feasibility study for the project, both of which are expected in the first half of 2008. Based on positive ongoing information from our drilling programs, we are optimistic that the project's resource base and ultimate project size will increase as the Company continues to reach, and complete critical milestones. Positive work from our ongoing work at Bahuerachi, such as today's drill results clearly demonstrate why we believe that the Mercator hostile offer undervalues this Company and its growing asset base at Bahuerachi."
New Step Out Holes Expand Bahuerachi Deposit to the West
The seven new drill holes, significant results of which are tabulated in this release, are from Tyler's ongoing drilling program at Bahuerachi. All holes completed to depth successfully met the objective of extending mineralization to the west in the northern half of the deposit, and targeting a potentially significant increase in the ultimate tonnage of the Main Zone in the upcoming resource estimate to be completed in January 2008. Based on engineering work completed to date as part of the scoping study, an increase in the overall width of the Main Zone Deposit can be expected to allow a wider, deeper pit to be designed for the pre-feasibility study, allowing access to a greater portion of the existing resource base and positively impacting the scale of the Bahuerachi Project going forward.
The seven drill holes reported here have been successful in extending the known mineralization of the Main Zone deposit to the west over a strike length of approximately 800 meters, and adding 120 to 275 meters of new width to the known mineralization westwards (in some cases doubling the previous deposit widths as modeled in May 2007). While Tyler initially believed that mineralization to the west in this part of the deposit was cut off by a fault, the results of drilling to date demonstrate that a full suite of mineralized porphyry, skarn, marble and sediments is present, as was found in the southern half of the deposit. All sections remain open to the west for further expansion, and drilling will continue to test this potential until year-end for the new resource modeling scheduled to start on or about December 15, 2007.
Significant results for these drill holes are presented in the following table and discussed below. Drill hole collar locations are shown on the attached drill plan map: http://www.ccnmatthews.com/docs/1129TYS_map.pdf.
Significant Intervals, Main Zone
--------------------------------------------------------- From To Interval Copper Gold SilverHole # (m) (m) (m) (%) (g/t) (g/t)---------------------------------------------------------DDH 124 108.4 176.1(1) 39.05(1) 0.57 0.16 14.86--------------------------------------------------------- and 227.8 275.3 40.80(2) 0.56 0.05 5.06--------------------------------------------------------- within 108.4 293 127.65(3) 0.46 0.07 7.35---------------------------------------------------------
---------------------------------------------------------DDH 125
---------------------------------------------------------
---------------------------------------------------------DDH 126 46.95 54 7.05 0.26 0.39 9.94--------------------------------------------------------- and 257 383.3 126.03(4) 0.30 0.02 2.43---------------------------------------------------------
---------------------------------------------------------DDH 127 138 178.5 40.5 0.17 0.02 6.37--------------------------------------------------------- and 299 345 23.5(5) 0.71 0.05 7.60--------------------------------------------------------- within 200 435.8 130.90(6) 0.29 0.03 5.99---------------------------------------------------------
---------------------------------------------------------DDH 128 332 341.85 9.85 0.26 0.17 61.01--------------------------------------------------------- and 415 448 25.45(7) 0.56 0.11 8.88--------------------------------------------------------- within 332 460.35 107.17(8) 0.26 0.07 11.48---------------------------------------------------------
---------------------------------------------------------DDH 129 119.6 126 6.4 0.45 0.06 6.34--------------------------------------------------------- and---------------------------------------------------------DDH 129 137 152.1 15.1 0.26 0.03 4.6
---------------------------------------------------------
---------------------------------------------------------DDH 130 127 139 12 0.14 0.01 14.78--------------------------------------------------------- and 219 496.5 133.90(9) 0.30 0.01 3.45------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------- From To Interval Moly ZincHole # (m) (m) (m) (%) (%) Rock Type----------------------------------------------------------------------------DDH 124 108.4 176.1(1) 39.05(1) 0.008 0.27 Marble/skarn---------------------------------------------------------------------------- and 227.8 275.3 40.80(2) 0.007 Trace Porphyry---------------------------------------------------------------------------- within 108.4 293 127.65(3) 0.008 0.1 Marble/skarn/porphyry----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 125 DDH 125 was a 600 meter step back targeting deep skarn. It was ended in favourable marble stratigraphy due to difficult ground conditions, before reaching target depth.----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 126 46.95 54 7.05 Trace Trace Skarn---------------------------------------------------------------------------- and 257 383.3 126.03(4) 0.015 Trace Sediments/Porphyry----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 127 138 178.5 40.5 0.002 0.31 Marble/Sediments---------------------------------------------------------------------------- and 299 345 23.5(5) 0.005 0.24 Marble/Skarn---------------------------------------------------------------------------- within 200 435.8 130.90(6) 0.007 0.118 Marble/Skarn/Sediments----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 128 332 341.85 9.85 0.002 8.22 Skarn---------------------------------------------------------------------------- and 415 448 25.45(7) 0.002 0.34 Marble/Skarn---------------------------------------------------------------------------- within 332 460.35 107.17(8) 0.003 1.04 Marble/Skarn/Sediments----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 129 119.6 126 6.4 0.005 0.48 Marble---------------------------------------------------------------------------- and----------------------------------------------------------------------------DDH 129 137 152.1 15.1 Trace Trace Marble. Drill hole was not completed to target depth due to difficult ground conditions.----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 130 127 139 12 Trace 3.22 Marble---------------------------------------------------------------------------- and 219 496.5 133.90(9) 0.012 Trace Marble/Sediments/Porphyry--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Excluding 28.65 meters of unmineralized dykes(2) Excluding 6.70 meters of unmineralized dykes.(3) Excluding 56.95 meters of unmineralized dykes.(4) Excluding 0.27 meters for geotechnical testing.(5) Excluding 22.5 meters of unmineralized dykes.(6) Excluding 104.9 meters of unmineralized dykes.(7) Excluding 7.55 meters of unmineralized dykes.(8) Excluding 21.18 meters of unmineralized dykes.(9) Excluding 143.6 meters of unmineralized dykes
Note: Due to drilling directions, dykes are estimated to be exaggerated by 30-50%.
All assay work was performed by ICP at ALS-Chemex labs of Vancouver, with gold done using standard fire assay methods. All samples sent to the lab are sealed with security tags for delivery to ALS-Chemex. Duplicate samples as well as standards and blanks are inserted in each batch of samples delivered to the laboratory and then checked to ensure proper quality assurance and quality control (QA/QC).
The Qualified Person responsible for the design and implementation of the Field Program as well as the preparation of this news release was J. P. Jutras, P.Geol., Director, President and CEO of the Company. The work program is being carried out with the participation of Dr. Shane William Ebert, Ph.D, P.Geo, Vice President and Director, Grant Couture, M.Sc Geology, Paul Turnbull, B.Sc, P.Geol, Cornell McDowell, B.Sc Geology, and Charla Boyer, B.Sc Geology, consultants to the Company.
Tyler Responds to Mercator News Release
Separately, Tyler takes issue with a number of the statements made by Mercator in its news release issued November 27, 2007 regarding Mercator's unsolicited offer for Tyler, and wishes to set the record straight for shareholders with the following points of clarification:
- Tyler's Bahuerachi resource, as disclosed by news release on May 23, 2007, was calculated by qualified independent third parties and subsequently disclosed in accordance with all requirements of National Instrument Policy 43-101. The author of the resource estimate, Keith McCandlish, P. Geol, is an Independent Qualified Person as defined by NI 43-101. Mr. McCandlish, P. Geol., is fully familiar with NI 43-101 as he assisted in the implementation of the regulations and sits on the MTAC committee advising the securities commission on policy development. The complete resource study, dated July 9, 2007, is available at www.sedar.com.
- Mercator's assertion that a transaction would be less dilutive to Tyler shareholders than Tyler proceeding to advance Bahuerachi independently is a further attempt to mislead Tyler shareholders. Mercator chooses to ignore the fact that its current offer would dilute Tyler shareholders' ownership in the Bahuerachi project from 100% to 15%. Given Mercator's current cash position and commitments, as well as its current debt, there may be even further dilution as Mercator may require significant equity financing to construct the project.
Alan Craven, Chairman of the Tyler Board and of the Special Committee, said, "There is nothing in the Mercator press release that changes our view that the Mercator offer significantly undervalues Tyler and fails to adequately compensate Tyler's Shareholders for the loss of opportunity to participate in Tyler's future growth. The Board remains firm in its unanimous recommendation that shareholders reject the Mercator offer and not tender their shares."
The Tyler Board encourages shareholders to read the November 23rd Directors' Circular, particularly the "Analysis and Reasons for Rejecting the Offer" (page 2) and "Background to the Offer and Response of Tyler" (page 15) sections, for further information.
How to Withdraw Shares from the Mercator Offer
Shareholders who have already tendered their shares to the Mercator offer and wish to withdraw them, may do so by contacting Kingsdale Shareholder Services Inc., the information agent retained by Tyler, toll free at 1-866-639-3460. Shareholders may also contact Kingsdale Shareholder with any questions they have regarding the Mercator offer and/or Tyler's recommendation.
Tyler Reports Stepout Drilling, Highlights Significant Additional Tonnage Potential at Bahuerachi
--Company Also Responds to Mercator Minerals' News Release--
CALGARY, ALBERTA--(Marketwire - Nov. 30, 2007) - Tyler Resources Inc. (TSX VENTURE:TYS) ("Tyler" or the "Company") today announced assay results from seven additional drill holes at the Main Zone of its 100% owned Bahuerachi project in Mexico. Tyler also responded to unfounded claims made by Mercator Minerals Ltd. In its press release dated November 27th regarding Mercator's unsolicited offer for Tyler.
"This latest series of positive drill results supports the Tyler Board of Directors' belief that the Bahuerachi project is a significant asset with further upside potential and highlights the opportunistic nature of Mercator's hostile attempt to acquire control of Tyler. This is one of the reasons for the Board's recommendation to reject the Mercator offer," said Jean-Pierre Jutras, Director, President and CEO of Tyler.
"We are moving aggressively towards an updated resource estimate and a pre-feasibility study for the project, both of which are expected in the first half of 2008. Based on positive ongoing information from our drilling programs, we are optimistic that the project's resource base and ultimate project size will increase as the Company continues to reach, and complete critical milestones. Positive work from our ongoing work at Bahuerachi, such as today's drill results clearly demonstrate why we believe that the Mercator hostile offer undervalues this Company and its growing asset base at Bahuerachi."
New Step Out Holes Expand Bahuerachi Deposit to the West
The seven new drill holes, significant results of which are tabulated in this release, are from Tyler's ongoing drilling program at Bahuerachi. All holes completed to depth successfully met the objective of extending mineralization to the west in the northern half of the deposit, and targeting a potentially significant increase in the ultimate tonnage of the Main Zone in the upcoming resource estimate to be completed in January 2008. Based on engineering work completed to date as part of the scoping study, an increase in the overall width of the Main Zone Deposit can be expected to allow a wider, deeper pit to be designed for the pre-feasibility study, allowing access to a greater portion of the existing resource base and positively impacting the scale of the Bahuerachi Project going forward.
The seven drill holes reported here have been successful in extending the known mineralization of the Main Zone deposit to the west over a strike length of approximately 800 meters, and adding 120 to 275 meters of new width to the known mineralization westwards (in some cases doubling the previous deposit widths as modeled in May 2007). While Tyler initially believed that mineralization to the west in this part of the deposit was cut off by a fault, the results of drilling to date demonstrate that a full suite of mineralized porphyry, skarn, marble and sediments is present, as was found in the southern half of the deposit. All sections remain open to the west for further expansion, and drilling will continue to test this potential until year-end for the new resource modeling scheduled to start on or about December 15, 2007.
Significant results for these drill holes are presented in the following table and discussed below. Drill hole collar locations are shown on the attached drill plan map: http://www.ccnmatthews.com/docs/1129TYS_map.pdf.
Significant Intervals, Main Zone
--------------------------------------------------------- From To Interval Copper Gold SilverHole # (m) (m) (m) (%) (g/t) (g/t)---------------------------------------------------------DDH 124 108.4 176.1(1) 39.05(1) 0.57 0.16 14.86--------------------------------------------------------- and 227.8 275.3 40.80(2) 0.56 0.05 5.06--------------------------------------------------------- within 108.4 293 127.65(3) 0.46 0.07 7.35---------------------------------------------------------
---------------------------------------------------------DDH 125
---------------------------------------------------------
---------------------------------------------------------DDH 126 46.95 54 7.05 0.26 0.39 9.94--------------------------------------------------------- and 257 383.3 126.03(4) 0.30 0.02 2.43---------------------------------------------------------
---------------------------------------------------------DDH 127 138 178.5 40.5 0.17 0.02 6.37--------------------------------------------------------- and 299 345 23.5(5) 0.71 0.05 7.60--------------------------------------------------------- within 200 435.8 130.90(6) 0.29 0.03 5.99---------------------------------------------------------
---------------------------------------------------------DDH 128 332 341.85 9.85 0.26 0.17 61.01--------------------------------------------------------- and 415 448 25.45(7) 0.56 0.11 8.88--------------------------------------------------------- within 332 460.35 107.17(8) 0.26 0.07 11.48---------------------------------------------------------
---------------------------------------------------------DDH 129 119.6 126 6.4 0.45 0.06 6.34--------------------------------------------------------- and---------------------------------------------------------DDH 129 137 152.1 15.1 0.26 0.03 4.6
---------------------------------------------------------
---------------------------------------------------------DDH 130 127 139 12 0.14 0.01 14.78--------------------------------------------------------- and 219 496.5 133.90(9) 0.30 0.01 3.45------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------- From To Interval Moly ZincHole # (m) (m) (m) (%) (%) Rock Type----------------------------------------------------------------------------DDH 124 108.4 176.1(1) 39.05(1) 0.008 0.27 Marble/skarn---------------------------------------------------------------------------- and 227.8 275.3 40.80(2) 0.007 Trace Porphyry---------------------------------------------------------------------------- within 108.4 293 127.65(3) 0.008 0.1 Marble/skarn/porphyry----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 125 DDH 125 was a 600 meter step back targeting deep skarn. It was ended in favourable marble stratigraphy due to difficult ground conditions, before reaching target depth.----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 126 46.95 54 7.05 Trace Trace Skarn---------------------------------------------------------------------------- and 257 383.3 126.03(4) 0.015 Trace Sediments/Porphyry----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 127 138 178.5 40.5 0.002 0.31 Marble/Sediments---------------------------------------------------------------------------- and 299 345 23.5(5) 0.005 0.24 Marble/Skarn---------------------------------------------------------------------------- within 200 435.8 130.90(6) 0.007 0.118 Marble/Skarn/Sediments----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 128 332 341.85 9.85 0.002 8.22 Skarn---------------------------------------------------------------------------- and 415 448 25.45(7) 0.002 0.34 Marble/Skarn---------------------------------------------------------------------------- within 332 460.35 107.17(8) 0.003 1.04 Marble/Skarn/Sediments----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 129 119.6 126 6.4 0.005 0.48 Marble---------------------------------------------------------------------------- and----------------------------------------------------------------------------DDH 129 137 152.1 15.1 Trace Trace Marble. Drill hole was not completed to target depth due to difficult ground conditions.----------------------------------------------------------------------------
----------------------------------------------------------------------------DDH 130 127 139 12 Trace 3.22 Marble---------------------------------------------------------------------------- and 219 496.5 133.90(9) 0.012 Trace Marble/Sediments/Porphyry--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Excluding 28.65 meters of unmineralized dykes(2) Excluding 6.70 meters of unmineralized dykes.(3) Excluding 56.95 meters of unmineralized dykes.(4) Excluding 0.27 meters for geotechnical testing.(5) Excluding 22.5 meters of unmineralized dykes.(6) Excluding 104.9 meters of unmineralized dykes.(7) Excluding 7.55 meters of unmineralized dykes.(8) Excluding 21.18 meters of unmineralized dykes.(9) Excluding 143.6 meters of unmineralized dykes
Note: Due to drilling directions, dykes are estimated to be exaggerated by 30-50%.
All assay work was performed by ICP at ALS-Chemex labs of Vancouver, with gold done using standard fire assay methods. All samples sent to the lab are sealed with security tags for delivery to ALS-Chemex. Duplicate samples as well as standards and blanks are inserted in each batch of samples delivered to the laboratory and then checked to ensure proper quality assurance and quality control (QA/QC).
The Qualified Person responsible for the design and implementation of the Field Program as well as the preparation of this news release was J. P. Jutras, P.Geol., Director, President and CEO of the Company. The work program is being carried out with the participation of Dr. Shane William Ebert, Ph.D, P.Geo, Vice President and Director, Grant Couture, M.Sc Geology, Paul Turnbull, B.Sc, P.Geol, Cornell McDowell, B.Sc Geology, and Charla Boyer, B.Sc Geology, consultants to the Company.
Tyler Responds to Mercator News Release
Separately, Tyler takes issue with a number of the statements made by Mercator in its news release issued November 27, 2007 regarding Mercator's unsolicited offer for Tyler, and wishes to set the record straight for shareholders with the following points of clarification:
- Tyler's Bahuerachi resource, as disclosed by news release on May 23, 2007, was calculated by qualified independent third parties and subsequently disclosed in accordance with all requirements of National Instrument Policy 43-101. The author of the resource estimate, Keith McCandlish, P. Geol, is an Independent Qualified Person as defined by NI 43-101. Mr. McCandlish, P. Geol., is fully familiar with NI 43-101 as he assisted in the implementation of the regulations and sits on the MTAC committee advising the securities commission on policy development. The complete resource study, dated July 9, 2007, is available at www.sedar.com.
- Mercator's assertion that a transaction would be less dilutive to Tyler shareholders than Tyler proceeding to advance Bahuerachi independently is a further attempt to mislead Tyler shareholders. Mercator chooses to ignore the fact that its current offer would dilute Tyler shareholders' ownership in the Bahuerachi project from 100% to 15%. Given Mercator's current cash position and commitments, as well as its current debt, there may be even further dilution as Mercator may require significant equity financing to construct the project.
Alan Craven, Chairman of the Tyler Board and of the Special Committee, said, "There is nothing in the Mercator press release that changes our view that the Mercator offer significantly undervalues Tyler and fails to adequately compensate Tyler's Shareholders for the loss of opportunity to participate in Tyler's future growth. The Board remains firm in its unanimous recommendation that shareholders reject the Mercator offer and not tender their shares."
The Tyler Board encourages shareholders to read the November 23rd Directors' Circular, particularly the "Analysis and Reasons for Rejecting the Offer" (page 2) and "Background to the Offer and Response of Tyler" (page 15) sections, for further information.
How to Withdraw Shares from the Mercator Offer
Shareholders who have already tendered their shares to the Mercator offer and wish to withdraw them, may do so by contacting Kingsdale Shareholder Services Inc., the information agent retained by Tyler, toll free at 1-866-639-3460. Shareholders may also contact Kingsdale Shareholder with any questions they have regarding the Mercator offer and/or Tyler's recommendation.
TYLER RESOURCES INC.
TSX VENTURE: TYS
Dec 06, 2007 07:00 ET
Tyler Resources Mails Letter to Shareholders; Reiterates Recommendation to Reject Mercator Minerals' Hostile Offer
CALGARY, ALBERTA--(Marketwire - Dec. 6, 2007) - Tyler Resources Inc. (TSX VENTURE:TYS) ("Tyler" or the "Company") today mailed the following letter to all Tyler shareholders affirming the Tyler Board of Directors' recommendation that shareholders reject the unsolicited offer from Mercator Minerals Ltd. and not tender their shares.
The full text of the letter, as mailed and filed with Canadian securities regulators, is as follows:
Dear Tyler Resources Shareholder:
By now you should have received a copy of the Tyler Resources Board of Directors' Circular recommending that you reject Mercator Mineral's hostile takeover bid. If you haven't already, we would urge you to read the Circular, especially the sections entitled "Analysis and Reasons for Rejecting the Offer" (page 2) and "Background to the Offer and Response of Tyler" (page 15).
The Tyler Board continues to believe that the Mercator Offer does not serve the best interests of Tyler Shareholders. Its timing is highly opportunistic and it fails to adequately compensate Tyler Shareholders for the loss of opportunity to participate in the Company's future growth as the Bahuerachi deposit advances towards feasibility, development and production.
Mercator's interest in the Bahuerachi deposit comes as no surprise. Bahuerachi is an emerging world-class asset with exceptional development potential. It is the fourth largest porphyry deposit in Mexico in terms of copper resources, the largest in terms of its zinc resources, and it ranks among the largest undeveloped deposits of its kind in North America. To date, the Bahuerachi deposit and district remain open for both expansion of the current resource and for further discoveries.
With the Mercator Offer set to expire December 17th, 2007, unless it is withdrawn or extended, it is an appropriate time to reiterate the Tyler Board's unanimous recommendation and to provide shareholders with a brief update on the Company and the process it is following in response to the Mercator Offer.
Tyler's exploration efforts are bearing fruit...
Since Mercator commenced its offer on November 9th, Tyler has issued two important news releases, both indicating positive drill results at our polymetallic deposit in Bahuerachi. On November 14th, Tyler announced a new discovery five kilometres from the Main Zone, where we have already identified a resource of 525 million tonnes of mineralization since 2004. On November 29th, Tyler announced successful step-out drilling at the Main Zone, which increased the width of known mineralization to the west over a strike length of approximately 800 meters and, in some cases, more than doubled the previous deposit widths compared to the May 2007 model. This is expected to have a positive affect on both the size and value of the deposit.
In the western portion of Bahuerachi, all sections remain open for further expansion and drilling will continue to test this potential until year-end for the new resource modeling scheduled for January 2008. In addition to what has already been identified, there is still significant, untested exploration potential on the property. Since Mercator commenced its offer on November 9th, Tyler has clearly and publicly demonstrated the significant potential to increase the size and economics of the Bahuerachi project. To date, Mercator has refused to assign any additional value for this potential in its offer.
... and Mercator is attempting to acquire Tyler before the fruit ripens...
By mid-2008 we expect to complete a pre-feasibility study that will provide shareholders with far more information about the size and value of Bahuerachi. Additionally, we have made significant progress on a number of logistical fronts, including locating favourable areas for tailings and the processing plant, begun a water testing program, received the pre-feasibility level geotechnical report and begun to assemble required samples for advanced metallurgical studies. With the Main Zone's extended width, we expect to be able to develop a wider and deeper pit than proposed in the November 2007 scoping study, allowing access to a greater portion of the existing resource and positively impacting the scale of the project. Mercator is attempting to acquire Tyler before it can achieve these important and widely recognized value-enhancing milestones. If Mercator's hostile bid succeeds, you will be denied the opportunity to fully benefit from the pre-feasibility study as well as Tyler's long-term development plans for Bahuerachi.
...while offering Tyler Shareholders a small fraction of a combined company...
Simply put, Mercator is asking Tyler Shareholders to trade a 100% interest in this emerging world-class asset for a 14.6% fully diluted interest in a combined company with a number of significant operational and financial risks, none of which are currently associated with the advancement of Tyler's business plan. What's worse, Tyler Shareholders face the potential for even greater dilution should Mercator need to raise additional capital to fund the development of Bahuerachi or to maintain its existing operations, something we believe is likely to happen as Mercator has limited borrowing capacity.
...and proposing to use Tyler's own cash to fund development on a slower track.
On a conference call with the investment community on October 19th, Mercator indicated that it planned to use Tyler's own cash to fund the continued development of the Bahuerachi project. Mercator further indicated that it would advance the project on a timeline that is slower than the plan Tyler already has in place, a plan that Tyler's Board, its officers and its team of consultants have the experience required to effectively execute on.
In its Offer Circular filed November 9th, Mercator failed to identify and quantify any meaningful synergies in the proposed combination. In fact, none of the benefits Mercator has alluded to in the Offer Circular can be quantified, nor would they be unique to the transaction that Mercator is proposing in this hostile manner to Tyler Shareholders.
REJECT the Mercator Offer and do NOT tender your shares.
The Board firmly believes the Mercator Offer significantly undervalues Tyler. But don't just take our word for it. Mercator's own financial advisor, Jennings Capital Inc., issued research reports in mid October that indicate that Jennings believes that Tyler is worth significantly more than what Mercator is offering. Those same reports, dated October 10th and October 18th, also indicate that Jennings believes that Tyler has substantially greater upside than Mercator.
Moreover, the terms of the Mercator Offer are substantially lower than an offer Mercator made to Tyler on October 5th, 2007, which contemplated an offer price of $1.25 for each Tyler common share implying an exchange ratio of 0.1437 on October 5th, 2007, and which Tyler viewed as inadequate and allowed to expire on October 10th, 2007. We see no reason for Tyler shareholders to accept Mercator's offer considering that it is less than full value for Bahuerachi.
Your Board of Directors and its Special Committee of independent directors, together with Tyler's management, financial and legal advisors, is now actively soliciting, evaluating and working towards potential alternatives to the Mercator Offer that may enhance shareholder value. Tyler has been solicited by and initiated contact with a number of third parties who have expressed an interest in considering alternative transactions.
To facilitate this process, Tyler has established an electronic data room, which has now been populated with more than 3,500 pages of documents covering all aspects of the Bahuerachi project, Tyler's operations and the structure of its technical, environmental, legal and financial situation. The data room is providing access to critical information for third parties around the world and is being expanded on a routine basis as the Company receives requests for further due diligence materials. Tendering Tyler Shares to the Mercator Offer before Tyler fully explores all available alternatives will preclude the possibility of a financially superior transaction emerging.
Taken as a whole, we do not see how the Mercator Offer serves the best interests of Tyler Shareholders. The Tyler Resources Board is unanimous in its recommendation that shareholders reject the Mercator Offer and not tender their shares to it. If you have tendered your shares to the offer, the Board recommends that you withdraw them immediately. For assistance in doing so, please contact Kingsdale Shareholder Services Inc., the information agent retained by Tyler, at toll free 1-866-639-3460.
If you have not yet received the Directors' Circular in the mail, a copy can be obtained from our web site at www.tylerresources.com and on SEDAR at www.sedar.com. A copy can also be obtained by calling Kingsdale Shareholder Services at 1-866-639-3460.
As always, thank you for your continued support of Tyler Resources.
Sincerely,
TYLER RESOURCES INC.
Jean-Pierre Jutras, Director, President and Chief Executive Officer
Alan Craven, Chairman of the Board of Directors and the Special Committee
About Tyler Resources
Tyler Resources Inc. is a well-funded Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property, which hosts Mexico's fourth largest mineralized porphyry deposit. As part of its ongoing drill program, the Company has now drilled in excess of 52,000 meters of combined diamond and reverse circulation drilling since 2004, making it one of the most active Canadian junior exploration companies operating in Mexico. For more information, visit www.tylerresources.com.
Reader Advisory
As required by National Instrument 43-101, Tyler cautions that the scoping study is a preliminary assessment and is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates", will and similar expressions, are forward-looking information that represents management of Tyler's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Tyler. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Tyler's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Tyler's filings with the Canadian securities authorities. Accordingly, holders of Tyler shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Tyler disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Corporate Contacts
Tyler Resources Inc.
Jean Pierre Jutras, President/CEO/Director
(403) 269-6753 or Toll Free 1-888-237-7898
Website: www.tylerresources.com
or
Media Contacts
Longview Communications
Alan Bayless
(604) 694-6035
or
Media Contacts
Longview Communications
David Ryan
(604) 694-6031
or
Shareholder Information
Kingsdale Shareholder Services Inc.
Toll Free: 1-866-639-3460
TSX VENTURE: TYS
Dec 06, 2007 07:00 ET
Tyler Resources Mails Letter to Shareholders; Reiterates Recommendation to Reject Mercator Minerals' Hostile Offer
CALGARY, ALBERTA--(Marketwire - Dec. 6, 2007) - Tyler Resources Inc. (TSX VENTURE:TYS) ("Tyler" or the "Company") today mailed the following letter to all Tyler shareholders affirming the Tyler Board of Directors' recommendation that shareholders reject the unsolicited offer from Mercator Minerals Ltd. and not tender their shares.
The full text of the letter, as mailed and filed with Canadian securities regulators, is as follows:
Dear Tyler Resources Shareholder:
By now you should have received a copy of the Tyler Resources Board of Directors' Circular recommending that you reject Mercator Mineral's hostile takeover bid. If you haven't already, we would urge you to read the Circular, especially the sections entitled "Analysis and Reasons for Rejecting the Offer" (page 2) and "Background to the Offer and Response of Tyler" (page 15).
The Tyler Board continues to believe that the Mercator Offer does not serve the best interests of Tyler Shareholders. Its timing is highly opportunistic and it fails to adequately compensate Tyler Shareholders for the loss of opportunity to participate in the Company's future growth as the Bahuerachi deposit advances towards feasibility, development and production.
Mercator's interest in the Bahuerachi deposit comes as no surprise. Bahuerachi is an emerging world-class asset with exceptional development potential. It is the fourth largest porphyry deposit in Mexico in terms of copper resources, the largest in terms of its zinc resources, and it ranks among the largest undeveloped deposits of its kind in North America. To date, the Bahuerachi deposit and district remain open for both expansion of the current resource and for further discoveries.
With the Mercator Offer set to expire December 17th, 2007, unless it is withdrawn or extended, it is an appropriate time to reiterate the Tyler Board's unanimous recommendation and to provide shareholders with a brief update on the Company and the process it is following in response to the Mercator Offer.
Tyler's exploration efforts are bearing fruit...
Since Mercator commenced its offer on November 9th, Tyler has issued two important news releases, both indicating positive drill results at our polymetallic deposit in Bahuerachi. On November 14th, Tyler announced a new discovery five kilometres from the Main Zone, where we have already identified a resource of 525 million tonnes of mineralization since 2004. On November 29th, Tyler announced successful step-out drilling at the Main Zone, which increased the width of known mineralization to the west over a strike length of approximately 800 meters and, in some cases, more than doubled the previous deposit widths compared to the May 2007 model. This is expected to have a positive affect on both the size and value of the deposit.
In the western portion of Bahuerachi, all sections remain open for further expansion and drilling will continue to test this potential until year-end for the new resource modeling scheduled for January 2008. In addition to what has already been identified, there is still significant, untested exploration potential on the property. Since Mercator commenced its offer on November 9th, Tyler has clearly and publicly demonstrated the significant potential to increase the size and economics of the Bahuerachi project. To date, Mercator has refused to assign any additional value for this potential in its offer.
... and Mercator is attempting to acquire Tyler before the fruit ripens...
By mid-2008 we expect to complete a pre-feasibility study that will provide shareholders with far more information about the size and value of Bahuerachi. Additionally, we have made significant progress on a number of logistical fronts, including locating favourable areas for tailings and the processing plant, begun a water testing program, received the pre-feasibility level geotechnical report and begun to assemble required samples for advanced metallurgical studies. With the Main Zone's extended width, we expect to be able to develop a wider and deeper pit than proposed in the November 2007 scoping study, allowing access to a greater portion of the existing resource and positively impacting the scale of the project. Mercator is attempting to acquire Tyler before it can achieve these important and widely recognized value-enhancing milestones. If Mercator's hostile bid succeeds, you will be denied the opportunity to fully benefit from the pre-feasibility study as well as Tyler's long-term development plans for Bahuerachi.
...while offering Tyler Shareholders a small fraction of a combined company...
Simply put, Mercator is asking Tyler Shareholders to trade a 100% interest in this emerging world-class asset for a 14.6% fully diluted interest in a combined company with a number of significant operational and financial risks, none of which are currently associated with the advancement of Tyler's business plan. What's worse, Tyler Shareholders face the potential for even greater dilution should Mercator need to raise additional capital to fund the development of Bahuerachi or to maintain its existing operations, something we believe is likely to happen as Mercator has limited borrowing capacity.
...and proposing to use Tyler's own cash to fund development on a slower track.
On a conference call with the investment community on October 19th, Mercator indicated that it planned to use Tyler's own cash to fund the continued development of the Bahuerachi project. Mercator further indicated that it would advance the project on a timeline that is slower than the plan Tyler already has in place, a plan that Tyler's Board, its officers and its team of consultants have the experience required to effectively execute on.
In its Offer Circular filed November 9th, Mercator failed to identify and quantify any meaningful synergies in the proposed combination. In fact, none of the benefits Mercator has alluded to in the Offer Circular can be quantified, nor would they be unique to the transaction that Mercator is proposing in this hostile manner to Tyler Shareholders.
REJECT the Mercator Offer and do NOT tender your shares.
The Board firmly believes the Mercator Offer significantly undervalues Tyler. But don't just take our word for it. Mercator's own financial advisor, Jennings Capital Inc., issued research reports in mid October that indicate that Jennings believes that Tyler is worth significantly more than what Mercator is offering. Those same reports, dated October 10th and October 18th, also indicate that Jennings believes that Tyler has substantially greater upside than Mercator.
Moreover, the terms of the Mercator Offer are substantially lower than an offer Mercator made to Tyler on October 5th, 2007, which contemplated an offer price of $1.25 for each Tyler common share implying an exchange ratio of 0.1437 on October 5th, 2007, and which Tyler viewed as inadequate and allowed to expire on October 10th, 2007. We see no reason for Tyler shareholders to accept Mercator's offer considering that it is less than full value for Bahuerachi.
Your Board of Directors and its Special Committee of independent directors, together with Tyler's management, financial and legal advisors, is now actively soliciting, evaluating and working towards potential alternatives to the Mercator Offer that may enhance shareholder value. Tyler has been solicited by and initiated contact with a number of third parties who have expressed an interest in considering alternative transactions.
To facilitate this process, Tyler has established an electronic data room, which has now been populated with more than 3,500 pages of documents covering all aspects of the Bahuerachi project, Tyler's operations and the structure of its technical, environmental, legal and financial situation. The data room is providing access to critical information for third parties around the world and is being expanded on a routine basis as the Company receives requests for further due diligence materials. Tendering Tyler Shares to the Mercator Offer before Tyler fully explores all available alternatives will preclude the possibility of a financially superior transaction emerging.
Taken as a whole, we do not see how the Mercator Offer serves the best interests of Tyler Shareholders. The Tyler Resources Board is unanimous in its recommendation that shareholders reject the Mercator Offer and not tender their shares to it. If you have tendered your shares to the offer, the Board recommends that you withdraw them immediately. For assistance in doing so, please contact Kingsdale Shareholder Services Inc., the information agent retained by Tyler, at toll free 1-866-639-3460.
If you have not yet received the Directors' Circular in the mail, a copy can be obtained from our web site at www.tylerresources.com and on SEDAR at www.sedar.com. A copy can also be obtained by calling Kingsdale Shareholder Services at 1-866-639-3460.
As always, thank you for your continued support of Tyler Resources.
Sincerely,
TYLER RESOURCES INC.
Jean-Pierre Jutras, Director, President and Chief Executive Officer
Alan Craven, Chairman of the Board of Directors and the Special Committee
About Tyler Resources
Tyler Resources Inc. is a well-funded Canadian junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property, which hosts Mexico's fourth largest mineralized porphyry deposit. As part of its ongoing drill program, the Company has now drilled in excess of 52,000 meters of combined diamond and reverse circulation drilling since 2004, making it one of the most active Canadian junior exploration companies operating in Mexico. For more information, visit www.tylerresources.com.
Reader Advisory
As required by National Instrument 43-101, Tyler cautions that the scoping study is a preliminary assessment and is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates", will and similar expressions, are forward-looking information that represents management of Tyler's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Tyler. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Tyler's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Tyler's filings with the Canadian securities authorities. Accordingly, holders of Tyler shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Tyler disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Corporate Contacts
Tyler Resources Inc.
Jean Pierre Jutras, President/CEO/Director
(403) 269-6753 or Toll Free 1-888-237-7898
Website: www.tylerresources.com
or
Media Contacts
Longview Communications
Alan Bayless
(604) 694-6035
or
Media Contacts
Longview Communications
David Ryan
(604) 694-6031
or
Shareholder Information
Kingsdale Shareholder Services Inc.
Toll Free: 1-866-639-3460
Eigentlich dachte ich, daß die schon lange übernommen
worden sind, wohl doch nicht.
Heute ist ein neues Research rausgekommen, nur mal zur
Ergänzung (Riskrating: "High speculative").
frc.chttp://www.researchom/research/pdf/tyler/TYS%20Initiating%20November%2028%2c%202007.pdf
worden sind, wohl doch nicht.
Heute ist ein neues Research rausgekommen, nur mal zur
Ergänzung (Riskrating: "High speculative").
frc.chttp://www.researchom/research/pdf/tyler/TYS%20Initiating%20November%2028%2c%202007.pdf
Tyler Resources accepts C$214 mln takeover by Jinchuan Group
By Chris Oliver
Last update: 11:11 p.m. EST Jan. 6, 2008Print RSS Disable Live Quotes
HONG KONG (MarketWatch) -- Jinchuan Group Ltd., China's largest nickel producer, will acquire Canadian junior miner Tyler Resources Inc. (TYS) for C$214 million ($213.4 million), beating out a rival bid by Mercator Minerals Ltd. Jinchuan will pay C$1.60 for each share of Tyler Resources, representing a 60% premium to Tyler's closing price on Jan 4., the companies said in a joint statement. Tyler's board said the Jinchuan bid was fair and recommended shareholders accept the offer. The offer will be subject to acceptance by at least two-thirds of shareholders. Tyler said it expects the deal to close in mid-March.
By Chris Oliver
Last update: 11:11 p.m. EST Jan. 6, 2008Print RSS Disable Live Quotes
HONG KONG (MarketWatch) -- Jinchuan Group Ltd., China's largest nickel producer, will acquire Canadian junior miner Tyler Resources Inc. (TYS) for C$214 million ($213.4 million), beating out a rival bid by Mercator Minerals Ltd. Jinchuan will pay C$1.60 for each share of Tyler Resources, representing a 60% premium to Tyler's closing price on Jan 4., the companies said in a joint statement. Tyler's board said the Jinchuan bid was fair and recommended shareholders accept the offer. The offer will be subject to acceptance by at least two-thirds of shareholders. Tyler said it expects the deal to close in mid-March.
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