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Equinox Minerals Edges Up amid reports that Citadel has reiterated its support for takeover bid

Equinox Minerals Limited (EQN.TO) has edged up on huge trade - more than 11.5 million shares have changed hands.

According to a November 25, 2010, report from Australia's AAP News Service, metals explorer Citadel Resource Group Ltd has reiterated its recommendation of Equinox Resources Ltd's $1.25 billion takeover bid in a target statement.

AAP notes Equinox made the offer last month of one Equinox share for every 14.3 Citadel shares, as well as 10.5 cents in cash per share. At the time of the offer on October 25, it valued Citadel at 52.2 cents per share, AAP says.

AAP adds Citadel's main attraction is its Saudi Arabian Jabal Sayid copper-gold project, with an expected resource of 37.4 million tonnes at a grade of 2.2% copper.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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