Carrick Gold makes takeover bid for Shannon Resources10:47,...

Carrick Gold makes takeover bid for Shannon Resources
10:47, Monday, 19 February 2007

Sydney - Monday - February 19: (RWE Australian Business News) -
Carrick Gold Ltd (ASX code: CRK) has made an off-market takeover bid for
Shannon Resources Ltd (ASX code: SHA) of 10c for each share and one
Carrick share for every two shares held in Shannon.
Holders of 20c options in Shannon will be offered one Carrick
share for every two options.
Mr Frank Carr, the executive chairman of Carrick and also the
chairman and largest shareholder of Shannon, holding 40 per cent of the
issued capital, has indicated he will accept the offer from Carrick in
the absence of a higher bid from any other party.
"The extremely promising assay results received from drill
programs conducted since July 2006 on the Shannon Resources tenements
and their proximity to the Carrick Gold tenements and resource have
convinced the directors that the enormous potential of each set of
tenements and consequent return for shareholders can best be maximised
by the joint development of both," Carrick said.
"Such a strategy will provide economies in drill program
planning, administration and, ultimately, extraction.
"The respective locations of the two companies' tenements also
lend themselves to the establishment of a joint and centrally located
processing facility in due course," Carrick said.
Shares in Shannon and Carrick last traded at 55c and $1.345,
respectively.