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Additional information
Additional Information
Market: TSXV
Sector: Gold Mining
Epic: TSXV:UW
News: Latest news
Web Site: Underworld Resources
Other Articles: 30-09-200910-08-2009

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Thursday September 09, 12:27ZOO Digital’s new iTunes toolset adopted by major Hollywood studio

The new iTunes toolkit automates the production of menus and bonus features, allowing studios to produce enhanced download content at significantly lower costs. The toolkit is expected to open-up 'a large potential market' and add new revenue streams.

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Wednesday September 08, 10:42African Energy Resources encouraged by coal results at Sese, seeks cornerstone partner

With the coal quality, thickness and shallow depth, it augurs well for potential commercial coal production for African Energy at Sese in Botswana.

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Tuesday September 07, 08:12MetroCoal re-affirms Columboola coal Resource yet to be completed

Emerging coal-focused energy company MetroCoal (ASX: MTE) has clarified that it has not completed any resource estimate or report on its Columboola Project area in Queensland's Surat Basin.

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Underworld Resources

Underworld Resources

Underworld Resources is a mineral exploration company focused on expanding its Golden Saddle gold discovery in Canada's Yukon Territory

Thursday, March 11, 2010

Kinross Gold Corp to fully acquire Underworld Resources at 36% premium

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Kinross Gold Corp (TSX: K, NYSE: KCG) has agreed to acquire the shares in Underworld Resources (TSX-V: UW) not already owned by Kinross.

Kinross will offer 0.141 of its share and C$0.01 in cash for each share in Underworld, making for a total consideration of C$2.62 per share, based on the March 10, 2010 closing price of C$18.54 per Kinross common share on the Toronto Stock Exchange (TSX). The transaction values the fully-diluted share capital of Underworld at approximately C$139.2 million.

The offer represents a premium of 36% to Underworld’s closing price yesterday and a 50.2% premium based on its average volume weighted prices over the 20 trading days ended 10 March 2010.

Underworld’s board has already recommended its shareholders, directors and management team to accept the offer with the conclusion of a definitive support agreement expected by 15 March 2010. The company's key asset is the White Gold project, located in the Tintina gold belt, approximately 95 km south of Dawson City, Yukon Territory, Canada.

“The Kinross offer brings substantial technical and financial resources to the White Gold property which will further rapidly advance the project. We feel the Kinross offer provides immediate value to our shareholders,” said Underworld chairman Michael Williams.

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