Lakewood, Colorado (ots/PRNewswire) -
- Not for Distribution to United States Wire Services or for
Dissemination in The United States
Fronteer Development Group (TSX and AMEX - FRG)("Fronteer") and
NewWest Gold Corporation (TSX - NWG)("NewWest") announced today that
the British Columbia Supreme Court has issued an interim order
providing for the holding of a special meeting of NewWest
shareholders and optionholders to consider the previously announced
arrangement with Fronteer.
A special meeting of NewWest's shareholders and optionholders will
be held on September 13, 2007 at 10:00am in Toronto, Canada. The
record date for the special meeting is August 7, 2007. A management
proxy circular and accompanying materials are expected to be mailed
to shareholders and optionholders of NewWest on August 10, 2007.
If approved by shareholders and optionholders of NewWest (voting
together as a single class), and subject to final court approval and
satisfaction of conditions to closing, Fronteer would acquire 100% of
the outstanding common shares of NewWest in exchange for 0.26 of a
Fronteer common share for each NewWest share acquired.
NWG Investments Inc. the owner of approximately 86% of the
outstanding common shares of NewWest, has agreed to vote in favour of
Fronteer is an exploration and development company with a track
record of making discoveries. Not including the results of the above
transaction, Fronteer will have exposure to approximately CDN$42
million in exploration/development expenditures and 100,000 metres of
drilling throughout 2007. Fronteer has approximately CDN$102 million
in cash, no debt, and holds a 46.8% interest in Aurora Energy
Resources (AXU - TSX), a leading Canadian uranium company with a
market valuation approaching CDN$1.0 billion.
NewWest is one of the largest holders of precious metals mineral
rights in Nevada's gold trends, spanning approximately 623,000 acres.
NewWest holds 19 exploration projects, including advanced-stage
projects with measured and indicated resources. NewWest's goal is to
move its projects into production.
This news release includes certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995 and "forward-looking information" within the meaning of
applicable Canadian securities laws. Forward-looking statements
involve risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed in such forward-looking information.
Forward-looking information in this news release includes but is not
limited to, completion of the arrangement, exposure to exploration
expenditures and metres drilled, and future plans and objectives of
NewWest Gold Corporation and Fronteer Development Group Inc.,
including future exploration and development.
Any number of important factors could cause actual results to
differ materially from these forward-looking statements, including,
among others, risks related to international operations, the
businesses of Fronteer and NewWest not being successfully integrated
or such integration proving more difficult, time consuming or costly
than expected, not realizing on potential benefits of the
combination, the actual results of current exploration activities,
conclusions of economic evaluations and changes in project parameters
as plans continue to be refined as well as future prices of gold and
silver, as well as those factors set out in the each company's Annual
Information Form as of December 31, 2006. Although each company
believes that the assumptions and factors used in preparing the
forward-looking statements are reasonable, undue reliance should not
be placed on these statements, which only apply as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed timeframes or at all. Accordingly,
readers should not place undue reliance on forward-looking
statements. Both companies disclaim any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
For further information: on Fronteer: visit
http:/www.fronteergroup.com On NewWest: visit
ots Originaltext: NewWest Gold Corporation
Im Internet recherchierbar: http://www.presseportal.ch
Contact: Camon Mak, Investor Relations, Glen Edwards, Media
Relations, PH: +1-604-632-4677 or Toll Free +1-877-632-4677,
firstname.lastname@example.org; NewWest Gold Corporation, Stephen Alfers,
President and Chief Executive Officer, PH: +1-303-425-7042