Andean Resources Limited - Implementation of scheme of arrangement

Dec 29, 2010, 21:25 ET from Andean Resources Limited

VANCOUVER, Dec. 29 /PRNewswire-FirstCall/ - The Scheme of Arrangement for the acquisition of Andean Resources Limited (Andean) by Goldcorp Inc. (Goldcorp) was implemented today. Goldcorp has now acquired all of the shares in Andean.

An application to delist Andean from ASX will be made shortly.

As a result of the implementation of the scheme, Louis Gignac (Chairman), Barry Bolitho, Wayne Hubert, Richard Lorson and Chuck Winograd have resigned as directors and two Goldcorp nominees, Richard Nettleton and Clare Barrett-Lennard have been appointed as directors of Andean with effect from today.

John Thomas and John Williams resigned as company secretaries. Ms Barrett-Lennard has been appointed as company secretary.

The elections for cash consideration were under the C$1 billion maximum cash consideration. Accordingly, no scale-back of elections for cash consideration was required.

Share certificates for Goldcorp shares issued as share consideration and cheques for cash consideration (for those shareholders who elected to receive cash) have been despatched to Andean shareholders. The new Goldcorp shares issued by Goldcorp as consideration will commence trading on the TSX and NYSE on 30 December 2010.

SOURCE Andean Resources Limited