11/7/2008

Silvermet signs agreement to acquire Turkey’s Metoks

Marketwire - Silvermet Inc. has entered into an agreement to acquire Metoks Madencilik Metalurji Tasimacilik Sanayi ve Ticaret A.S., the owner of a Waelz kiln in Turkey that processes electric arc furnace dust to recover its zinc content. The purchase price is US $9 million. Silvermet will assume the Metoks liabilities of US $4.9 million and the balance of US $4.1 million will be paid to the owners of Metoks over 5 years. The Agreement is subject to Silvermet's Board of Directors approval and completion of satisfactory due diligence. Silvermet's acquisition of Metoks is expected to close by January 31, 2009.