La Mancha Announces Auction Process

 

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Posted by: Stockboard Updates
Date: 03.14.12
Sectors: Gold

La Mancha Resources Inc. (TSX: LMA, hereinafter “La Mancha” or the “Company”) today announces that, following a request received from its majority shareholder, Compagnie Française de Mines et Métaux, a wholly-owned subsidiairy of AREVA Mines, the Company established a special committee (the “Special Committee”) to conduct an auction process for the Company through which acquisition proposals will be solicited in order to maximize value for all shareholders. The Special Committee retained BMO Nesbitt Burns Inc. (“BMO Capital Markets”) in Canada as financial advisor and Fasken Martineau as Canadian legal advisor to assist it in carrying out its mandate.

BMO has begun speaking with a number of prospective acquirers and the Company has already received several verbal expressions of interest. La Mancha has opened a data room to potential acquirers having executed satisfactory confidentiality undertakings.

There is no assurance that the auction process will lead to any acquisition proposal being made to La Mancha for assets and/or shares of the Company or its subsidiairies, or that La Mancha's Special Committee and Board of Directors will decide to pursue any transaction.

La Mancha does not intend to make any further announcements or comments unless the circumstances so warrant.

ABOUT LA MANCHA RESOURCES Inc.:
La Mancha Resources Inc. is an international gold producer based in Canada with operations, development projects and exploration activities in Africa, Australia and Argentina. La Mancha's shares trade on the Toronto Stock Exchange (TSX) under the symbol “LMA”. For more information, visit the Company's website at www.lamancha.ca.

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