Sprott Molybdenum Participation Corporation Announces Agreement to purchase Molybdenum Oxide
§ /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
§ UNITED STATES/
§ TORONTO, May 29 /CNW/ - (TSX: MLY, MLY.WT) - Sprott Molybdenum
Participation Corporation (the "Corporation") is pleased to announce that it
entered into an agreement in April 2007 with Thompson Creek Metals Company
Inc. ("Thompson Creek") to purchase Molybdenum Oxide containing 600,000 lb. of
Mo at the then current market price of $28.40 USD per lb. Mo. Shipment of the
product will take place over the course of the Corporation's fourth quarter.
§ Thompson Creek will assist the Corporation in arranging for storage and
will receive compensation for such service as outlined in the Technical
Consulting Agreement dated April 3, 2007.
§ About Sprott Molybdenum Participation Corporation
§ The Corporation is an investment holding company created to invest in
molybdenum assets. The primary investment objective of the Corporation is to
achieve capital appreciation by investing in securities of private and public
companies that explore for, mine and/or process molybdenum and by investing
in, holding, selling and otherwise transacting in all commercial forms of
molybdenum. It is not an investment strategy of the Corporation to actively
speculate with regards to short-term changes in molybdenum prices. The
Corporation's investment mandate will provide investors with several benefits.
It will provide investors with the opportunity to invest in commercial forms
of molybdenum, which is currently unavailable through an exchange. In
addition, it will provide investors with a diversified portfolio of securities
of private and public companies that explore for, mine and/or process
molybdenum.
§ No securities regulatory authority has either approved or disapproved of
the contents of this news release. The securities being offered have not been
and will not be offered or sold in the United States or to, or for the account
or benefit of, a "U.S. person", as such term is defined in Regulation S under
the United States Securities Act of 1933, as amended. This press release is
for information purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy any of these securities in the United States.