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NewWest Gold Corporation Receives Final Court Order For Arrangement With Fronteer Development Group
LAKEWOOD, Colorado, September 19 /PRNewswire/ -- Fronteer Development Group Inc. (TSX: FRG; AMEX: FRG)("Fronteer") and
NewWest Gold Corporation (TSX: NWG)("NewWest") announced today that the
British Colombia Supreme Court has issued a final order approving the
arrangement between Fronteer and NewWest. Pursuant to the arrangement, each
NewWest common share will be exchanged for 0.26 of a Fronteer common share
(the "share exchange ratio"). In addition, all of the outstanding options of
NewWest will be exchanged for replacement options of Fronteer and will be
exercisable to acquire that number of common shares of Fronteer determined
by reference to the share exchange ratio.
Fronteer and NewWest expect to close the transaction on September 24,
2007. Registered shareholders of NewWest will be required to validly deposit
their NewWest common share certificate with a validly completed letter of
transmittal in order to receive their Fronteer common shares. A letter of
transmittal was mailed to shareholders in early August, 2007. Details of the
required process are set forth in NewWest's management information circulated
dated August 7, 2007, a copy of which is available at www.sedar.com.
About Fronteer
Fronteer is an exploration and development company with a track record of
making big discoveries. Fronteer has no debt and holds approximately a 46.8%
interest in Aurora Energy Resources (TSX: AXU), a leading Canadian uranium
company. Fronteer is not invested in any short term commercial paper or
asset-backed securities. Fronteer has approximately C$100 million in cash that
is fully liquid and held with a large commercial bank.
About NewWest
NewWest is one of the largest holders of precious metals mineral rights
in Nevada's gold trends, spanning approximately 623,000 acres. NewWest holds
19 exploration projects, including advanced-stage projects with measured and
indicated resources. NewWest's goal is to move its projects into production.
This news release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities laws. Forward-looking statements involve risks, uncertainties and
other factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed in such
forward-looking information. Forward-looking information in this news release
includes but is not limited to, completion of the arrangement, exposure to
exploration expenditures and metres drilled, and future plans and objectives
of NewWest Gold Corporation and Fronteer Development Group Inc., including
future exploration and development.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements, including, among others,
risks related to international operations, the businesses of Fronteer and
NewWest not being successfully integrated or such integration proving more
difficult, time consuming or costly than expected, not realizing on potential
benefits of the combination, the actual results of current exploration
activities, conclusions of economic evaluations and changes in project
parameters as plans continue to be refined as well as future prices of gold
and silver, as well as those factors set out in the each company's Annual
Information Form as of December 31, 2006. Although each company believes that
the assumptions and factors used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these statements, which
only apply as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed timeframes or at all.
Accordingly, readers should not place undue reliance on forward-looking
statements. Both companies disclaim any intention or obligation to update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
For further information: on Fronteer visit http://www.fronteergroup.com
For further information on NewWest visit http://www.newwestgold.com






