Equinox Minerals Limited announced that it has a relevant interest of 90.59% in Citadel Resource Group Limited and has initiated compulsory acquisition procedures under the Australian Corporations Act to acquire all remaining shares in Citadel.

Citadel shareholders are still able to accept the Equinox offer at any time before its scheduled closing date of 5PM on January 17th 2011.

Citadel shareholders who accept the Offer will benefit from receiving their consideration within seven business days.

Citadel shareholders whose shares are compulsorily acquired will receive their consideration at the end of the compulsory acquisition period, which is expected to take four to six weeks subject to the Corporations Act 2001.

A compulsory acquisition notice has been lodged with the Australian Securities and Investments Commission and will be sent to each outstanding Citadel shareholder today, together with a covering letter.

Other than ineligible foreign shareholders and accepting shareholders who elect to participate in the Sale Facility. Such shareholders will receive USD 0.105 cash within 7 business days of acceptance for each Citadel share held and a separate cash amount at a later date from the sale of the Equinox securities that the shareholder would otherwise have been entitled to under the Offer.