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Gold/Mining/Energy : Stillwater Mining , SWC (former PGMS) -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (1305)	6/16/2003 1:19:54 PM
From: AugustWest	Respond to of 1336

Stillwater Shareholders Vote in Favor of Norilsk Nickel Transaction And FTC G ants Early Termination of Waiting Period DENVER, Jun 16, 2003 /PRNewswire-FirstCall via COMTEX/ -- STILLWATER MINING COMPANY (NYSE: SWC) announced that its stockholders approved the proposed transaction with MMC Norilsk Nickel at the special meeting of stockholders held earlier today. Approximately 82.9% of the votes cast at the special meeting voted in favor of the transaction. Additionally, today the Federal Trade Commission (FTC) informed the Company and MMC Norilsk Nickel, that it has granted early termination of the Hart-Scott-Rodino Act waiting period for the transaction. While the transaction remains subject to certain conditions the Company expects that the transaction will close later this month. At the closing of the transaction, Stillwater will issue 45,463,222 new shares of its common stock to a wholly-owned subsidiary of Norilsk Nickel in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium. Francis R. McAllister, Chairman of the Board and Chief Executive Officer of the Company, said, "The Board of Directors is pleased that the shareholders approved the agreement and welcomes the Norilsk Nickel investment in light of the current economic situation and low PGM prices. With this transaction, we will be able to reduce the Company's debt and use the additional capital to improve our operations." Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com . This press release contains forward-looking information which involves expressions of management's current expectations. All forward-looking information is subject to various risks and uncertainties that may be beyond the Company's control and may cause results to differ materially from management's current expectations. Information concerning factors that could cause actual results to differ materially from management's current expectations are set forth in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and may be discussed in subsequent filings with the SEC. SOURCE Stillwater Mining Company CONTACT: John W. Pearson of Stillwater Mining Company, +1-406-322-8742 or Simon Coope of MacKenzie Partners, Inc., +1-212-929-5500, r +1-800-322-2885, for Stillwater Mining Company; or Sergey Pol karpov of Norilsk Nickel, +7-095-785-10-90 URL: stillwatermining.com prnewswire.com Copyright (C) 2003 PR Newswire. All rights reserved. -0- ProviderSequenceNumber: 7068 KEYWORD: Colorado South Africa INDUSTRY KEYWORD: MNG * end of story *