Alrosa plans production cuts and staff reduction for 2025
The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.
TORONTO, ONTARIO–(Marketwire – Jan. 26, 2012) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Dalradian Resources Inc. (“Dalradian” or the “Company”) (TSX:DNA) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Clarus Securities Inc., and including Stifel Nicolaus Canada Inc., under which the underwriters have agreed to buy on bought deal basis by way of a short form prospectus, 12,500,000 common shares (the “Common Shares”), at a price of $2.00 per Common Share for gross proceeds of $25 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about February 15, 2012 and is subject to Dalradian receiving all necessary regulatory approvals.
The net proceeds of the offering will be used for exploration and development of the Company’s Tyrone Project in Northern Ireland, and for general working capital purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Dalradian Resources Inc.
Dalradian is a Canadian-based exploration company engaged in the acquisition, exploration and development of mineral properties. The Company’s wholly-owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences in counties Tyrone and Londonderry, Northern Ireland. Dalradian has been working to increase its gold resources at its approximately 84,000-hectare Tyrone Project, which encompasses its flagship Curraghinalt mesothermal gold deposit. Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian’s NI 43-101 report, “An updated Mineral Resource Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland” is dated January 10, 2012 and effective November 30, 2011, prepared by Messrs. Hennessey and Mukhopadhyay of Micon International Limited and, and is available on SEDAR at www.sedar.com. Dalradian’s Common Shares are listed on the Toronto Stock Exchange under the symbol “DNA”. For further information, please see www.dalradian.com.
Forward-Looking Information
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
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, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s annual information form. 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 to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. 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.
