Sherwood Copper gets close to absorbing Western Keltic

Sherwood Copper reports that approximately 85.6% of Western Keltic’s issued and outstanding common shares were validly deposited to the offer of Sherwood for all of the outstanding common shares of Western Keltic by 5 PM (Toronto time) on February 11. Sherwood intends to issue Sherwood common shares in payment for the tendered Western Keltic common shares on or before February 14, 2008. It has also extended its offer to acquire all of the remaining Western Keltic shares for 0.08 of a common share of Sherwood for each Western Keltic Share to 5 PM (Toronto time) on February 21. This makes Sherwood the owner of two major copper projects.

Sherwood has 100% ownership of the high-grade open pit Minto copper-gold mine located in the Yukon Territory of Canada. It acquired Minto in June 2005 and, in just two years from its acquisition, completed a bankable feasibility study, arranged project financing, and built a C$100 million open pit copper-gold mine. Commercial production commenced on October 1, 2007. In parallel with these development activities, Sherwood has been running a very successful exploration program that has resulted in multiple discoveries of high grade copper-gold mineralisation across its Minto mine property.  A recent prefeasibility indicates how production at the project could be increased as a result of this exploration success.  Sherwood plans to continue this “growth from within” strategy, along with further operational optimisations.

Founded in 1992, Western Keltic Mines’ major asset is the 100% owned Kutcho project, located some 100 km east of Dease Lake in northwestern BC. Kutcho hosts a well defined and high grade copper-zinc deposits with a proven resource (measured and indicated) of 17.6 Mt. Full commercial production is targeted for 2010, making the Kutcho Project the next major copper-zinc producing mine in Canada.