Rio Narcea Gold Mines, Ltd.: Lundin Mining Completes Sale of Tasiast Gold Mine to Red Back Mining
Posted on: Wednesday, 8 August 2007, 12:09 CDT
Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or the "Company") (TSX: RNG)(AMEX: RNO) reports that its parent corporation, Lundin Mining Corporation ("Lundin Mining"), has completed the sale of the Tasiast gold mine to Red Back Mining Inc. ("Red Back") (TSX: RBI). Red Back paid US $225 million in cash for the Tasiast project. Red Back also paid out an additional US $52.9 million to retire debt related to the Tasiast project and unwind existing hedge contracts. Lundin Mining had acquired the Tasiast gold mine, located in Mauritania, from Rio Narcea through its recent acquisition of the Company.
Contacts: Lundin Mining Corporation Catarina Ihre Manager, Investor Relations +46-706-07-92-63 Lundin Mining Corporation Sophia Shane Investor Relations, North America (604) 689-7842
SOURCE: Rio Narcea Gold Mines, Ltd.
Source: MARKET WIRE
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