Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwire – Sept. 23, 2011) – Auryx Gold Corp. (“Auryx”) (TSX:AYX)(NSX:AYX) announces that its board of directors has approved the adoption of a Shareholder Rights Plan Agreement (the “Rights Plan”).
The Rights Plan is similar to shareholder rights plans adopted by other Canadian companies. It has not been adopted in response to any proposal to acquire control of Auryx.
The Rights Plan has been adopted to ensure the fair treatment of all Auryx shareholders in the event of any potential take-over bid for Auryx and to provide the board of directors and shareholders with additional time to fully consider any unsolicited take-over bid. The Rights Plan will also provide the board of directors with additional time to pursue, if appropriate, alternative transactions to maximize shareholder value.
The Toronto Stock Exchange has accepted Auryx’s notice of filing of the Rights Plan. The Rights Plan will be presented for ratification by Auryx’s shareholders at the Auryx annual and special meeting to be held on December 8, 2011. A copy of the Rights Plan will be filed shortly under Auryx’s profile at www.sedar.com.
About Auryx Gold Corp.
Auryx Gold Corp. (TSX:AYX)(NSX:AYX) is a Canadian, growth-focused resource company engaged in the acquisition and exploration of gold projects in Namibia. The Company is currently advancing the Otjikoto gold project, located 300km north of Namibia’s capital city, Windhoek. By virtue of its location, the project benefits significantly from Namibia’s well established infrastructure with paved highways, a railway, power grids, and water grid all close by. Located in the western part of southern Africa, Namibia is lauded as one of the continent’s most politically and socially stable jurisdictions.
On behalf of the Board of Directors,
Tim Searcy, P.Geo., Chief Executive Officer
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements based on current expectations, such as obtaining shareholder approval for the ratification and confirmation of the Rights Plan and there being no significant legal developments adversely impacting shareholder rights plans, and is therefore subject to risks and uncertainties which could cause actual outcomes to differ materially from the future outcomes expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
