"Perseverance Directors have unanimously determined that the Transaction is in the best interests of securityholders and unanimously recommend that all Perseverance shareholders and optionholders vote in favour of the Schemes and that convertible subordinated noteholders approve the early redemption of the notes in the absence of a superior proposal.
All Perseverance Directors intend to vote all Perseverance securities held or controlled by them at the time of the Scheme meetings in favour of the Schemes, in the absence of a superior proposal.
Northgate proposes to fund this transaction from its balance sheet and the transaction is not subject to the requirement for Northgate to raise additional funds. Northgate held approximately US$318 million in cash and had no significant indebtedness at 30 June 2007. Northgate continues to generate strong cash flows from its Canadian mining operation."