SUITE
860
- 625
HOWE STREET
VANCOUVER, BC
V6C 2T6 CANADA TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
March 6, 2008
#08-11
Sherwood Increases Holdings to Approximately 93% of Western Keltic
Shares
VANCOUVER, BRITISH COLUMBIA - Sherwood Copper Corporation ("Sherwood") (SWC: TSX-V)
today announced that it has acquired an additional 1,278,800 common shares of
Western Keltic Mines Inc. ("Western Keltic") under Sherwood's offer (the "Offer") for all of the outstanding common shares of Western Keltic (the "Western Keltic Shares") that was first announced on December 24, 2007 and in
subsequent extensions thereof.
Sherwood has now acquired a
total of 76,777,214
Western Keltic common shares,
representing approximately 93% of the outstanding Western Keltic
Shares.
Sherwood intends to issue
Sherwood common shares in payment for the recently tendered Western Keltic
Shares on or before March 10, 2008.
Second Step
Transaction
Sherwood intends to
commence a second step transaction by way of statutory arrangement,
amalgamation, merger, reorganization, consolidation, recapitalization or other
transaction to acquire all of the remaining Western Keltic Shares not already
owned by Sherwood.
Early Warning Requirements under Applicable Securities
Laws
As a result of the taking
up and acceptance of payment of the Western Keltic Shares recently deposited to
the Offer, Sherwood has acquired an aggregate of 76,777,214 common shares of
Western Keltic, which represents
approximately 93% of the outstanding
common shares of Western Keltic. Sherwood intends to commence a second step transaction to acquire the
remaining outstanding common shares of Western Keltic. A copy of the early
warning report filed pursuant to the applicable securities legislation is
available online at www.sedar.com under Western Keltic's profile or may be obtained by contacting Sherwood at
860-625 Howe Street
Vancouver, BC
V6C 2T6, tel (604)
687-7545, fax (604) 689-5041.
About Sherwood
Copper
Sherwood Copper?s
primary focus is profitable production of base and precious metals from high grade, open pit mines in
Canada. Sherwood?s first operating mine, the
high grade Minto copper-gold mine in Yukon, Canada, was built on budget and ahead
of schedule. The Minto Mine is one
of the highest grade open pit copper-gold mines in the world, and is forecast to
be a low cost producer. Aggressive exploration on the Minto
property has yielded significant
success, providing Sherwood the
opportunity to ?grow from within? by expanding the resource and
reserve base, potentially leading to further production increases. To further accelerate it production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in February
2008, Sherwood acquired more than 90% ownership in Western Keltic Mines, owner
of the high grade Kutcho copper-zinc-gold-silver deposit in northwestern British
Columbia.
Sherwood aims to repeat its success with the Minto project at the Kutcho project.
On
behalf of the board of directors
SHERWOOD COPPER CORPORATION
?Stephen P. Quin?
Stephen P. Quin
President & CEO
Investor Contacts:
Sherwood Copper:
Stephen P. Quin 604.687-7545 or Brad Kopp
604-687-7545
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or accuracy
of this press release.
Forward-Looking
Statements
This document may contain
"forward-looking statements" within the meaning of Canadian securities
legislation and the United States Private Securities Litigation Reform Act of
1995. These forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any obligation, to update
these forward-looking statements.
Forward-looking statements
relate to future events or future performance and reflect management's
expectations or beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves and resources,
the realization of mineral reserve estimates, the timing and amount of estimated
future production, costs of production, capital expenditures,
success of mining operations, environmental risks, unanticipated reclamation
expenses, title disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be refined;
future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents, labour disputes
and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com. Although the
Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements.
Accordingly, readers
should not place undue reliance on forward-looking
STATEMENTS.