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Midwest Corporation Limited
Australia MIS.AX 6,36 AU$ 32,50%
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Murchison announces offer to lapse

Publié le 05 février 2008

5 February 2008

MURCHISON ANNOUNCES OFFER TO LAPSE

The Directors of Midwest Corporation Limited (“Midwest” : MIS) note today’s announcement by Murchison Metals Limited (“Murchison” : MMX) that it will not extend its offer for Midwest shares beyond the scheduled closing time of 5 p.m. (Perth time) on Wednesday, 6 February 2008.  Murchison has only secured 2.01% in acceptances and currently holds 4.78% of the issued share capital in Midwest.  

Midwest Directors appreciate the strong shareholder support received throughout the Murchison offer period and we remain confident in our ability to develop Midwest into a diversified iron-ore producer in the mid-west region.

Midwest has five major iron-ore tenements at Weld Range, Koolanooka/Blue Hills Hematite, Koolanooka (Magnetite), Jack Hills and Robinson Range that have indicated high quality iron ore deposits. An active drilling program in 2008 at Weld Range, Jack Hills and Robinson Range is expected to significantly increase Midwest’s Mineral Resource and support the pre-feasibility study for the development of Midwest’s flagship asset, Weld Range.  The pre-feasibility study at Weld Range is on course for completion by Q3 2008. Midwest has been exporting ore with an initial installed capacity of 1mtpa from Koolanooka/Blue Hills since early 2006.

Last week, Midwest’s joint venture partner Sinosteel announced it had acquired an 18.7% stake in Midwest. Midwest has recently written to Sinosteel seeking clarification of some aspects of the incomplete, non-binding proposal from Sinosteel and further development of this proposal is unlikely until a response has been received which may not be until after the Chinese New Year.

Midwest Directors will keep shareholders advised of developments. 

 

- Ends -

 

 

For further information contact:

 

Martin Debelle, Cannings

Ph: + 61 2 9252 0622

Mob: + 61 409 911 189

Warrick Hazeldine, Purple Communications

Ph: + 61 8 9485 1254

Mob: + 61 417 944 616

           

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