|By Marketwired .||
|February 19, 2013 06:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Keegan Resources Inc. ("Keegan" or "Company") (TSX:KGN)(NYSE MKT:KGN) announced yesterday that Keegan and PMI Gold Corporation have agreed by mutual written consent to terminate the definitive arrangement agreement (the "Arrangement") to combine their respective business by way of court-approved plan of arrangement.
The deadline for voting by proxy on the Arrangement closed on Friday February 15, 2013 at 4:30pm PST. The voting demonstrated that Keegan Shareholders overwhelmingly supported the transaction with over 99% of the proxies received being in favour. Similarly, the majority of PMI's Shareholders also supported the Arrangement with proxies received for over 70% of the issued and outstanding shares and 56% of those proxies FOR the merger transaction. It was determined that the threshold for approval of the Arrangement of 66 2/3% could not practically be obtained as a small group of PMI Shareholder continued to oppose the Arrangement despite numerous attempts to find acceptable terms to allow the Arrangement to proceed.
The Keegan special meeting scheduled for 4:30 pm today, February 19, 2013 will proceed but only to consider the approval of a name change of Keegan to Asanko Gold Corp, reflective of the region in Ghana where it operates. The name change is expected to be fully effected in early March.
Keegan continues to aggressively pursue its transition from an exploration and development company to a near term African focused gold producer by advancing its Esaase Gold Project ("Esaase") in Ghana towards construction in Q4 2013 and ultimately production in 2015. Completion of the various Feasibility Studies and the permitting process remain on track for Q3 2013.
Commenting on the matter, Peter Breese, President and CEO, stated: "While it is disappointing that a few PMI Shareholders would not support the value accretive merger between PMI and Keegan, which would have resulted in both groups of Shareholders realizing maximum value, I am pleased with the significant progress being made at Esaase.
"We are well funded with $205 million in cash and we are moving forward according to our development timetable. The next milestone we expect to complete will be the PFS, with the results published in Q2 2013."
Over the past six months Keegan has implemented several fundamental changes to its strategic and operational plans in order to de-risk the evolution of Keegan from an explorer to a gold producer including:
-- Launching a revised Pre Feasibility Study ("PFS") targeting 180,000 to 200,000 ounces of gold production for at least 10 years with a capital cost of approximately $260 million. Completion of the PFS is expected towards the end of Q1 2013 and will be announced to the market in Q2 2013. -- Upgrading the Esaase NI 43-101 resource estimate to 68.92 million tonnes ("Mt") averaging 1.73 grams per tonne of gold for 3.83 million ounces in the Measured and Indicated category as well as 22.23Mt averaging 1.75 grams per tonne of gold for 1.25 million ounces in the Inferred Resource category (all at a 0.8 gram per tonne Au cut-off grade). -- Investment of initial $32.5 million by strategic investor Highland Park to further strengthen the Company's balance sheet. As at December 31, 2012 the Company had $205 million in cash. -- Recruitment of an experienced mine building and operating team led by Peter Breese, President and CEO and Tony Devlin, COO. -- Completing the acquisition of 10.3 square kilometres of high priority exploration ground immediately on strike within the same structural setting to the southwest of the Esaase main zone providing a new exploration target for Keegan. -- Settling out-of court with litigants in a concession lawsuit over Esaase allowing the Company to rapidly move forward with the Esaase Gold Project without the distraction and perceived risk of litigation and claims on the Esaase tenements.
On behalf of the Board of Directors,
Peter Breese, President & CEO
About Keegan Resources Inc.
Keegan is a gold development company focussing on near term gold production at its high grade multi-million ounce Esaase gold project in Ghana. The Company offers investors the opportunity to share ownership in the rapid exploration and development of high quality pure gold assets. Keegan is focused on its wholly owned flagship Esaase gold project (3.83 million ounces of gold in the Measured and Indicated category with an average grade of 1.73 g/t Au and 1.25 million ounces of gold in the Inferred category with an average grade of 1.75 g/t Au, based on a 0.8 g/t Au cut-off) located in Ghana, West Africa; a highly favourable and prospective jurisdiction. Managed by highly skilled and successful technical and financial professionals, Keegan is well financed with no debt. The Company is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighbouring communities.
Keegan trades on the TSX and the NYSE MKT under the symbol KGN.
For more information about Keegan Resources, visit the website at www.keeganresources.com.
Forward-Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address estimated resource quantities, grades and contained metals, possible future mining, exploration and development activities, are forward-looking statements. Although the Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.
Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Keegan Resources Inc.
604-683-8193 or (Toll Free) 1-800-863-8655
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 30, 2016 02:30 PM EDT Reads: 1,043
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jul. 30, 2016 02:00 PM EDT Reads: 502
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 30, 2016 01:30 PM EDT Reads: 966
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 30, 2016 01:00 PM EDT Reads: 1,853
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 30, 2016 01:00 PM EDT Reads: 2,122
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 30, 2016 12:00 PM EDT Reads: 1,352
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 30, 2016 11:30 AM EDT Reads: 1,390
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 30, 2016 11:00 AM EDT Reads: 627
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 30, 2016 11:00 AM EDT Reads: 535
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,090
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 30, 2016 10:15 AM EDT Reads: 1,514
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 30, 2016 10:15 AM EDT Reads: 1,047
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 30, 2016 10:00 AM EDT Reads: 2,182
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 30, 2016 10:00 AM EDT Reads: 531
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 30, 2016 09:45 AM EDT Reads: 521