Further Update On Andina Bid

RNS Number : 4544V

Hochschild Mining PLC

14 January 2013

 



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14 January 2013

Hochschild Announces Expiry of Successful Bid for Andina Minerals

Hochschild Mining plc (LSE: HOCM.L / HOC LN) ("Hochschild") is pleased to announce that its wholly owned subsidiary, 1710503 Alberta Ltd. (the "Offeror") has, since the initial extension of its November 16, 2012 offer (the "Offer") to acquire all of the outstanding common shares ("Shares") of Andina Minerals Inc. ("Andina") for CAD $0.80 per Share in cash on December 28, 2012, received as at 5:00pm (Toronto time) on January 11, 2013 tenders of an additional 5,308,672 Shares. The Offeror has taken up, and will within the time prescribed by applicable law, pay for all such additional Shares validly deposited pursuant to the Offer and not withdrawn prior to 5:00 p.m. (Toronto time) on January 11, 2013. Shareholders who deposited their Shares to the Offer will receive payment for such shares as soon as reasonably possible. After taking up the deposited Shares, Hochschild and its affiliates now own 117,432,924 Shares, representing 90.84% of the outstanding Shares on a fully-diluted basis.

As more than 90% of the Shares sought were deposited to the Offer, the Offeror intends to acquire all of the remaining Shares of Andina not deposited under the Offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta) which transaction is expected to close in February 2013. As soon as possible, the Offeror further intends to cause the Shares to be de-listed from the TSX Venture Exchange and Andina to cease being a reporting issuer under applicable securities laws.

Hochschild's address is 46 Albemarle Street, London, United Kingdom, W1S 4JL. A copy of the early warning report to be filed by Hochschild and the Offeror will be available shortly under Andina's profile on SEDAR at www.sedar.com and can be obtained by contacting the Hochschild representative listed below.

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Enquiries:

Hochschild Mining plc

Charles Gordon                                                                         [phone]

Head of Investor Relations

RLM Finsbury

Charles Chichester                                                                    [phone]

Public Relations

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About Hochschild Mining plc

Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has almost fifty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru and one in southern Argentina. Hochschild also has numerous long-term projects throughout the Americas.

Forward looking Statements

This announcement contains certain forward looking statements which may relate to matters such as the business, strategy, investments, production, major projects and their contribution to expected production and other plans of Hochschild Mining plc and its current goals, assumptions and expectations relating to its future financial condition, performance and results.

Forward-looking statements include, without limitation, statements typically containing words such as "intends", "expects", "anticipates", "targets", "plans", "estimates" and words of similar import. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining plc may be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that could cause or contribute to differences between the actual results, performance or achievements of Hochschild Mining plc and current expectations include, but are not limited to, legislative, fiscal and regulatory developments, competitive conditions, technological developments, exchange rate fluctuations and general economic conditions. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

The forward looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, Hochschild Mining plc does not undertake any obligation to update or change any forward looking statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast.

 

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