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West Timmins Mining shareholders OK takeover deal with Lake Shore Gold

From The Canadian Press, November 4, 2009 - 7:32 p.m.

West Timmins Mining shareholders OK takeover deal with Lake Shore Gold

By The Canadian Press

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VANCOUVER, B.C. - Shareholders of West Timmins Mining Inc. (TSX:WTM) voted Wednesday to approve a takeover of the company by Lake Shore Gold Corp. (TSX:LSG).

Shareholders voted 98 per cent in favour of the deal that will see them receive 0.73 of a Lake Shore Gold share for each West Timmins Mining share they hold.

The combined company will be held 67 per cent by current Lake Shore Gold shareholders and 33 per cent by current West Timmins shareholders.

Court approval of the deal will be sought at a hearing scheduled for Thursday.

Lake Shore Gold and West Timmins currently own 60 per cent and 40 per cent of the Thunder Creek project. Lake Shore Gold's other Timmins assets are made up of projects nearing production, including the Timmins Mine and Bell Creek Complex.

In addition to its 40 per cent interest in Thunder Creek, West Timmins has 120 square kilometres of nearby exploration property near Thunder Creek. In Mexico, West Timmins owns the Lluvia Oro gold-silver and Montana de Oro projects.