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| NEWS RELEASE | ||
| GLAMIS GOLD LTD. |
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Title: |
News Release |
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Entities: |
Glamis Gold Ltd.; Goldcorp Inc.; Wheaton River Minerals Ltd. |
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Date: |
2005 |
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$39 |
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#379941 |
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| NEWS RELEASE | ||
| GLAMIS GOLD LTD. |
For immediate release
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Trading symbol: NYSE, TSX GLG |
January 17, 2005 | |||
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All amounts in US$ | ||||
GLAMIS GOLD LAUNCHES DISSIDENT PROXY SOLICITATION
VOTE NO TO THE GOLDCORP ACQUISITION OF WHEATON RIVER
January 17, 2005 Reno, Nevada - Glamis Gold Ltd. (NYSE: GLG; TSX: GLG) announced that it filed today with securities regulators a Dissident Proxy Circular for the Goldcorp Inc. special shareholders meeting to be held January 31, 2005, and is mailing the Dissident Circular to Goldcorp shareholders. The Dissident Circular allows Glamis to directly solicit from Goldcorp shareholders a NO vote on the resolution to approve the proposed Goldcorp take-over bid for Wheaton River Minerals Ltd. Defeating the resolution allows Goldcorp shareholders to accept Glamis superior take-over bid and is a condition of that premium offer.
We believe we have significant support among both individual and institutional investors for our take-over bid, but tendering to our offer is not sufficient. The Wheaton River proposal must first be rejected by a majority of votes cast at the Goldcorp meeting, said Kevin McArthur, Glamis President and Chief Executive Officer. This circular shows why the Glamis offer is superior, and it allows us to collect NO vote proxies for the meeting. Georgeson Shareholder Communications will be soliciting proxies in Canada and the United States, and will help us bring our message to shareholders. To us, every vote and every shareholder both large and small is important. The individual investor has always been a key component of Glamis investor base we currently have over 32,000 shareholders and is a central part of our strategy to become the go-to gold stock.
Under the terms of Glamis share exchange offer, Glamis has offered Goldcorp shareholders 0.89 of a Glamis common share for each Goldcorp common share. The offer represents a premium of 22.6% based on the volume-weighted average trading price for both companies for the 30 trading days on the New York Stock Exchange prior to December 16, 2004 the date Glamis announced its intention to make the take-over bid.
To be able to accept the Glamis premium offer, Goldcorp shareholders must vote NO
on the proposed resolution to approve the Goldcorp-Wheaton River combination.
Our offer for Goldcorp is simply superior to the proposed Wheaton River transaction. We offer a pure gold focus, quality, experienced management, the best growth profile in the business and perhaps most importantly, an immediate, substantial share price premium, Mr. McArthur said. In contrast, a combination with Wheaton River creates a company which derives significant revenues from copper 45% of Wheaton Rivers total revenues for the nine months ending September 30, 2004. In combination with Wheaton, Goldcorps future financial performance would be perched precariously on the shoulders of copper prices which are at near 15-year highs.
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