www.scminerals.com
Sacre-Coeur Minerals Ltd. (TSX-V: SCM) is a Canadian Junior Mining company engaged in the acquisition, exploration and production of gold and other metals in South America. The company is currently focused on its gold properties in Guyana, a miner-friendly country with a stable government where the Company holds 100% interest in approximately 978 square kilometers of mineral concessions.
Sacre-Coeur Minerals announces Severstal takeover terminated
Sacre Coeur Minerals' (CVE:SCM) shares plunged on Friday after announcing that affiliates of Russia's largest steel producer, Severstal (LSE:SVST)(RT:CHMF), terminated the planned C$77 million takeover offer for the South America-focused gold explorer.
Sacre Coeur said in a statement today that it received termination notice from Severstal under terms of the conditional agreement signed between the two companies back in September. The notice cited "failure of due diligence to their satisfaction" as the reason for the cancellation.
Earlier this month, Sacre Coeur granted Severstal a two week extension to complete due diligence for the acquisition, which was originally supposed to close in November.
"We are disappointed to learn that Severstal has concluded Sacre-Coeur does not fit into its near-term development plans," said Sacre Coeur chairman, Irwin Olian.
"However, our management team remains excited about the Company's prospects for the future and we are committed to achieving long-term success with our projects in Guyana."
Sacre Coeur said it will be scheduling a conference call for investors and analysts next week to discuss the cancellation of the Severstal deal, as well as to outline the company's business plan to ramp up development.
Sacre-Coeur explores and develops properties for the potential mining of gold, metals and diamonds in South America. The company has roughly 1000 sq km of property in Guyana, including the Million Mountain property, where it is exploring for gold.


















