News Column

Cerro Resources NL: Cerro Securityholders Approve Transaction With Primero

Apr 30 2013 12:00AM



LONGUEUIL, QUEBEC -- (Marketwired) -- 04/30/13 -- Cerro Resources NL (ASX: CJO)(TSX VENTURE: CJO) is pleased to announce that at Meetings held today in Australia, eligible Shareholders and optionholders (Securityholders) voted to approve the resolutions put at those Meetings to the proposed transaction (Transaction) with Primero Mining Corp (Primero) to effect:

-- the spinout of Cerro's non-Cerro del Gallo assets (Spinout) to Cerro's currently wholly owned subsidiary Santana Minerals Limited (Santana);-- an in-specie distribution to Cerro's Shareholders in relation to that spinout (Distribution);-- an acquisition by Primero of all the shares Cerro has on issue in exchange for shares in Primero (Acquisition) on the basis of 0.023 of a Primero share for each 1 Cerro share; and-- the variation of the terms and conditions of the Options Cerro has on issue (Variation).

The Company is pleased to confirm that resolutions put to the Securityholders to approve the Transaction were passed by the requisite majorities, specifically:

The resolution at the General Meeting was passed by the requisite majorities of Shareholders, with:

-- 99.75% of votes cast in favour of the Capital Reduction Resolution.

The resolution at the Share Scheme Meeting was passed by the requisite majorities of Shareholders, with:

-- 99.78% of votes cast in favour of the Share Scheme Resolution; and-- 95.49% of Shareholders present and voting (either in person or by proxy) in favour of the Share Scheme Resolution.

The resolution at the Option Scheme Meeting was passed by the requisite majorities of Optionholders, with:

-- 100% of votes cast in favour of the Option Scheme Resolution; and-- 100% of Optionholders present and voting (either in person or by proxy) in favour of the Option Scheme Resolution.

Poll Results for the General Meeting, Share Scheme Meeting and Option Scheme Meeting follow:

General Meeting

Votes %For 399,901,474 99.75Against 1,009,562 0.25 --------------------------------Total 400,911,036 100.00 -------------------------------- --------------------------------Abstain 831,607

Share Scheme Meeting

Votes % Holders %For 386,397,848 99.78 402 95.49Against 862,554 0.22 19 4.51 ------------------------------------------------Total 387,260,402 100.00 421 100.00 ------------------------------------------------ ------------------------------------------------Abstain 394,035 5

Option Scheme Meeting

Votes % Holders %For 40,150,000 100.00 20 100.00Against - - - - ------------------------------------------------Total 40,150,000 100.00 20 100.00 ------------------------------------------------ ------------------------------------------------Abstain - -

The Second Court Hearing to approve the Transaction is scheduled for 8 May 2013 at the Federal Court of Australia in Brisbane (Court). If the Court approves the Transaction, Cerro anticipates the following dates for closing of the Transaction:

----------------------------------------------------------------------------EVENT DATE----------------------------------------------------------------------------Second Court Hearing for approval of the Schemes 10.15am Wednesday, 8 May 2013----------------------------------------------------------------------------Effective Date: Schemes take effect Wednesday, 8 May 2013----------------------------------------------------------------------------Last date Cerro Shares trade on ASX with an Wednesday, 8 May 2013entitlement to participate in the Share Scheme----------------------------------------------------------------------------Last date Cerro Shares trade on TSXV with an Wednesday, 8 May 2013entitlement to participate in the Share Scheme----------------------------------------------------------------------------Record Date: Time and date for determining 5pm (Brisbane time) onentitlements under the Transaction Wednesday, 15 May 2013----------------------------------------------------------------------------In-specie distribution of Santana Shares to Scheme Tuesday, 21 May 2013Shareholders----------------------------------------------------------------------------Transfer of Spinout Assets to Santana Wednesday, 22 May 2013----------------------------------------------------------------------------Transfer of Scheme Shares to Primero and issue of Thursday, 23 May 2013New Primero Shares to Scheme Shareholders----------------------------------------------------------------------------Variation of Scheme Options Thursday, 23 May 2013----------------------------------------------------------------------------Despatch of entitlement certificates Thursday, 23 May 2013----------------------------------------------------------------------------Issue of Subscription Shares to Primero Friday, 24 May 2013----------------------------------------------------------------------------Admission of Santana Shares to official list of Friday, 24 May 2013the ASX----------------------------------------------------------------------------

Please note, this timetable and the dates noted are indicative only, are subject to change and among other things, are subject to all necessary approvals being obtained. Cerro may vary any of these times and dates without directly notifying Cerro Shareholders and Cerro Optionholders. Any further changes to the timetable will, however, be announced through the ASX, TSXV and notified on Cerro's website at

All times and dates referred to are times and dates in Brisbane, Australia, unless otherwise indicated.

ABN: 72 006 381 684

Cerro Resources NL
Tony McDonald
Managing Director & CEO
+61 7 3221 7501

Cerro Resources NL
Craig McPherson
CFO & Company Secretary
+61 7 3221 7501

Source: Marketwire

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