BDO Bordeaux Energy (Tier2)

Magma Metals Limited (ASX:MMW)(TSX:MMW) ("Magma" or the "Company") commissioned
BDO Corporate Finance (WA) Pty Ltd ("BDO") to prepare an independent expert's
report in respect of the unsolicited takeover offer for the Company by Panoramic
Resources Limited (ASX:PAN) ("Panoramic").


Panoramic is offering 2 new shares for every 17 Magma shares held. This equates
to approximately A$0.155 per Magma share, based on the closing price of
Panoramic shares on the ASX on 2 March 2012 of A$1.315.


The BDO report assigns a value for each Magma share of between A$0.265 and
A$0.475, with a preferred value of A$0.370 per share, a 138% premium to the
value of the Panoramic offer. BDO has concluded in its report that the Panoramic
offer is "neither fair nor reasonable" to Magma shareholders.


A full copy of the report is available with the Company's documents at SEDAR
(www.sedar.com) as well as on Magma's website (www.magmametals.com.au.)


Magma's Board of Directors reiterates its previous advice that shareholders TAKE
NO ACTION in relation to the Panoramic offer, pending further advice from the
Board.


Magma's Target's Statement will be released during the week commencing 12 March
2012.


Magma has established an information line for the assistance of shareholders:



Magma Shareholder Information Line:                                         
Toll Free: 1800 452 002 (within Australia)                                  
Overseas: +61 2 8256 3379 (for callers from outside Australia)              



Cautionary Statement 

Certain information contained in this announcement constitutes "forward-looking
information" under Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "estimates", "intends", or variations of such
words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved". Although
management believes that the expectations expressed in such forward-looking
information disclosed herein are based on reasonable assumptions, these
statements are not guarantees of future performance. A number of factors could
cause actual results, performance or achievements to differ materially from
those in the forward-looking information. Such factors include future metal
prices, exploration and evaluation results, future availability of capital and
general economic, market or business conditions, government regulation of mining
operations, failure of equipment or processes to operate as anticipated, risks
inherent in mineral exploration and development including unusual or unexpected
geological formations. Descriptions of these risks can be found in the Company's
various statutory reports, including its Annual Information Form available on
its website at www.magmametals.com.au and on the SEDAR website at www.sedar.com.


ABN 72 114 581 047

Bordeaux Energy (Tier2) (TSXV:BDO)
Historical Stock Chart
From Apr 2024 to May 2024

Bordeaux Energy (Tier2) (TSXV:BDO)
Historical Stock Chart
From May 2023 to May 2024