TORONTO, ONTARIO, Nov. 4, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/04/09 -- Lake Shore Gold Corp. (TSX: LSG) ("Lake Shore Gold" or the "Company") today reported that it has been informed by West Timmins Mining Inc. ("West Timmins Mining") that shareholders of West Timmins Mining have approved a previously announced Business Combination Agreement between the two companies at a vote held earlier today. Approximately 98% of votes cast were in favour of the transaction. Under the terms of the transaction, Lake Shore Gold is acquiring all the outstanding shares of West Timmins Mining with shareholders receiving 0.73 of a Lake Shore Gold share for every West Timmins Mining share they hold.
Tony Makuch, President and Chief Executive Officer of Lake Shore Gold, commented: "We are very pleased that the shareholders of West Timmins Mining have overwhelmingly supported the transaction and are looking forward to welcoming them as shareholders of Lake Shore Gold. The transaction is an important step for the Company in building long-term value and creating Canada's next mid-tier gold producer. With the completion of the transaction, expected within days, we will have created the next major gold mining complex in Timmins, the Timmins West Gold Mine Complex, and will be in a position to move forward aggressively with our Thunder Creek property, located contiguous to Lake Shore Gold's Timmins Mine."
Court approval of the transaction will be sought at a hearing scheduled for Thursday, November 5, 2009, in Vancouver. Assuming the receipt of court approval, and that all other conditions to the completion of the transaction are satisfied or waived, the transaction is expected to be completed on or about Friday, November 6, 2009.
About Lake Shore Gold
Lake Shore Gold is a growing mining company that is moving towards commercial gold production through its 100%-owned Timmins Mine project, where the Company is sinking a shaft and driving a ramp. The wholly owned Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Northern Ontario and Quebec.
