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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

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: .

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,
+1-800-322-2885, for Stillwater Mining Company; or Sergey Pol
karpov of
Norilsk Nickel, +7-095-785-10-90


Copyright (C) 2003 PR Newswire. All rights reserved.


ProviderSequenceNumber: 7068

KEYWORD: Colorado
South Africa

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