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CAMEC bids for OmegaCorp

Friday, 13 April 2007

[CAMEC, 13 April] CentralAfrican Mining & Exploration Co (CAMEC) has made a $182.9 millionoffer to acquire Australian uranium explorer OmegaCorp Ltd. The offeris 25% more than a rival bid from Canada's Denison Mines Corp, whichalready holds some 31.5% of Omega. Denison's $147.9 million cash offerwas scheduled to close on 13 April. CAMEC - which has assets in SouthAfrica, Angola and Zimbabwe and mines copper, cobalt and coal - alreadyhas a concession to explore for uranium in the Katanga Province of theDemocratic Republic of Congo. The company is particularly interested inOmega's uranium assets in southern African countries such asMozambique, Tanzania, Zambia and Zimbabwe. CAMEC's CEO, Andrew Groves, said that acquiring suchassets would "enable us to create a regionally focused uranium divisionthat will expand our resource exposure and provide the enlarged companywith a foundation to expand in this area."

[CAMEC, 13 April] Central African Mining & Exploration Co (CAMEC) has made a $182.9 million offer to acquire Australian uranium explorer OmegaCorp Ltd. The offer is 25% more than a rival bid from Canada's Denison Mines Corp, which already holds some 31.5% of Omega. Denison's $147.9 million cash offer was scheduled to close on 13 April. CAMEC - which has assets in South Africa, Angola and Zimbabwe and mines copper, cobalt and coal - already has a concession to explore for uranium in the Katanga Province of the Democratic Republic of Congo. The company is particularly interested in Omega's uranium assets in southern African countries such as Mozambique, Tanzania, Zambia and Zimbabwe. CAMEC's CEO, Andrew Groves, said that acquiring such assets would "enable us to create a regionally focused uranium division that will expand our resource exposure and provide the enlarged company with a foundation to expand in this area."

Further information

CAMEC
Denison Mines
OmegaCorp