Tethyan directors reject Skafell's amended offer

The ongoing saga between Tethyan Copper Ltd and Skafell Pty Ltd continues with Tethyan rejecting Skafell's amended offer of 77.5 cents per share.

At noon, Tethyan was trading above the offer price at 78 cents.

In a meeting today, the Tethyan board unanimously concluded the latest offer continued to substantially undervalue Tethyan's shares and rejected the offer.

A detailed response to Skafell's 6th Supplementary Bidder's Statement is being prepared and will be released to the market tomorrow.

Tethyan remains committed to implementation of the project development agreement with Antofagasta which was announced in late December.

It is expected that a notice convening a shareholders meeting in late February will be sent to shareholders in the next week.